When going through a divorce there are many decisions to be made when it comes to real estate. You have to decide what to do with your current home, and where to move to if your current home is sold. So, we suggest that you…
Consider your Real Estate before you file for divorce.
Before you file for divorce, you need to take a moment and consider your real estate. Here are a few other things to consider before you file:
- Where will everyone live?
- Can we afford more than one household?
- How will we equitably divide up the real property?
- Who gets the home?
- What if there is little or no equity in the home (or other properties we own)?
Before you file for divorce, you will want to evaluate what your real estate is worth. Our team specializes in helping distressed homeowners going through divorce. With our Break Even Calculator, you can determine if you have equity in your home or not. If you find that you do not have equity, the calculator will help you determine how long it will take to break even. Find out more here: Break Even Calculator.
You also need to consider the other properties you own. If you have a 2nd home, investment properties, or vacation homes, they will all need to be handled in the divorce.
If you are considering filing for divorce and need to know your options, call our office today for a private consultation at 310-482-2035.
Who gets the house?
- If you are considering going through a divorce, and you own real estate, you might be wondering who gets the house.
- The thing you might not have considered is Do you even Want it?
- When couples get divorced, they both often want to move on and start fresh without the memories of the place they shared together.
- If you are considering or are currently going through divorce and need help determining what to do with the real estate you own, call our team today or click here to schedule a private consultation.
Determining who gets the house in divorce is more complicated than just determining who actually wants it. If there is a mortgage on the home, then both parties need to take a realistic look at whether or not you have the means to actually keep it.
The number one questions our we ask our clients when they are wondering if they should fight for the house or not is, do you even want it?
Assuming you have the means to afford the mortgage payment, taxes, insurance, repairs, gardening, pool, etc, the second thing to consider is the memories that are a part of the house. Oftentimes, when a relationship falls apart, there are many negative memories related to the house that make many homeowners regret keeping their home.
If the relationship is ending amicably, it sometimes makes sense to sell the home now before the situation changes. If something comes up down the road and you are no longer on speaking terms with your ex, it can cause many challenges when you eventually do decide to sell.
Can I do a short sale even though I’m going through a divorce?
This is a very common question. Many homeowners in California owe more on their house than it is currently worth. Financial troubles cause stress in marriages and many times that stress leads to divorce. Almost every lender will allow you to do a short sale if you are going through a divorce, and our team can help you through that process.
When a couple decides to go through a divorce, they often also own real estate. With housing values declining over the past several years, many couples find that they owe more on their home than it is currently worth. When this occurs, one of the only options they have left is to consider a short sale. Lenders often consider going through a divorce as a hardship and will approve a short sale on that basis.
If you are unsure what a short sale is, you can find out more here: Short Sale Process
If both parties are in agreement that a short sale is best for them, our team can help. If only one party wants to do a short sale, there must a divorce decree from the court mandating that the home be sold as a short sale. In either even, our team specializes in helping distressed homeowners going through divorce, and we can explain the entire process to you and your ex to determine if a short sale is right for you.
How to buy a new home after a divorceMany of our clients that go through divorce are looking to start their new lives over again and need to lease or buy a new house. Our team specializes in helping people going through divorce to sell the home they own with their former spouse as well as help you get in a position to buy a new place.
Today’s market is prime to own a home. To learn more about home buying visit our home buyers section.