Losing your job is difficult under any circumstances, but if you lose your job while you are also navigating a divorce, it may complicate matters even further. Similarly, if your ex is the one who lost his or her income and employment, this may, too, have a substantial impact on divorce proceedings, so it is important that you understand how.
Divorcing spouses who own a home together know they must figure out what to do with their shared home going forward. For families with young children, there may be a particularly strong desire to retain the home as a means of providing some consistency for the kids. Other people who have put a lot of work into their homes may feel equally tied to their property and wishing to keep it. Either way, the decision to keep a home after a divorce should not be made lightly. Joint mortgages mean joint responsibility As explained by HSH, a consumer mortgage resource, a bank considers any person named on a mortgage to be responsible for paying that debt. This means that if a couple agrees to let one spouse keep a house without making any changes to the existing joint mortgage, the person who leaves the home could still end up being expected to pay the mortgage by the bank. A divorce decree outlining responsibility for the home loan to one person only may be insufficient to guard against this. If the spouse who stays in the home misses a payment or makes a late payment, they may expect this to show up on their credit report. Unfortunately, it may also appear on the other spouse’s credit report if the joint mortgage remains intact. Refinancing or selling The challenges associated with a joint mortgage after a divorce may well contribute to why so many couples sell their home when they get divorced. The Mortgage Reports indicates that it may be possible for one person to get a new solo mortgage if they wish to stay in the home. This, however, requires sufficient equity, credit score and income.
When dividing assets, you consider your property and what it’s worth — your real estate, your vehicles, that hand-carved teak shelf you bought in Indonesia on your honeymoon. It may surprise you to find out that Florida law considers your dog as property and may even place a monetary value on him to divide.
When you get a divorce, you probably are not thinking about your estate plan. However, forgetting about it is not a good idea. Your divorce creates a new life situation that will require quite a bit of change to your estate plan to ensure that it still follows your wishes.
Divorce is hard for so many reasons. It can be mentally exhausting and emotionally draining. Whether you chose to leave your spouse or you were blindsided when your spouse asked for a divorce, you are probably feeling an array of emotions.
The Supreme Court’s Obergefell v. Hodges decision in 2015 gave same-sex couples equal marriage rights to those that different-sex couples in the United States have. This includes the right to end a marriage through divorce. However, because the laws of so many states denied same-sex couples marriage rights for so long, divorce can be an ordeal due to unique issues that often arise.
