Tips for Dealing With Your Mortgage in a Divorce

Your home is almost certainly the most valuable asset you have in your estate, and if you’re still paying a mortgage it adds to the complexity of your divorce process. Here are a few tips for dealing with some of the logistics of a mortgage as part of your divorce:

• Carefully consider your financial circumstances: Whether you’re pursuing a new mortgage or assuming an existing one, it’s important to have a good handle on your financial circumstances before you make any decisions. After all, you’re going to be down to one income rather than just two, and there’s going to be an adjustment period for that. Plus, all the other factors of your divorce involving finances (child support, alimony, other asset distribution) will influence your loan approval.
• Get your documents in order: There are a lot of logistical processes you’ll need to go through to get your divorce handled. When managing your mortgage in the divorce, make sure you have all of the documentation available to bring to the table so you don’t have to go hunting. This includes original mortgage loan paperwork, as well as appraisals, deeds and anything else related to the property.
• Get professionals involved: There are people who can help you determine your financial ability to take on a loan. Beyond your attorneys who will guide you through all of the processes related with your divorce, you shouldn’t be shy about consulting with accountants or financial planners. You may also need to work with professional appraisers to get an updated and accurate assessment of your home’s value.

For more information about dealing with a mortgage in a divorce, contact a trusted Nassau County divorce lawyer at Solutions Divorce Mediation.