January is a very busy time for local divorce attorneys. Many couples that are thinking about a divorce decide during the holiday season that it is time to moving on. Also some make it as their new year resolution to changing their life in the coming year and with some of these resolutions their partner will be left behind.
Whatever the reason for a divorce, divorce is never easy, especially if there are kids involved. Also it is not as easy as you think to divide Real Estate. An uncontested divorce where the parties are on the same page are stressful, but imagine a divorce where both parties fight over everything.
When it comes to Real Estate and divorce there are a few things to consider.
- What to do with the marital home?
- Selling it and splitting the proceeds?
- Can one party remain in the home and afford the mortgage by him or herself?
Lets look at these options a little closer:
Selling the home and splitting the proceeds:
This is only possible if you actually have equity in your home. If you do not have a lot of equity in your home you might be breaking even or if your home is under water then that's a different conversation to have. If you are curious to know what your Woodbridge VA area home could sell for in today's Woodbridge VA Real Estate Market I would be happy to meet with you and providing you with all your Real Estate Options. You can also click here to determine your Woodbridge VA Home Value.
One Party remains in the Home:
Are both husband and wife on the financing and title to the home currently? Can one of the parties qualify for the mortgage payment by him or herself? Chances are that you originally qualified with both of your incomes for the home and now you are looking to qualify by yourself. In some cases one party might not qualify by him or herself for the mortgage.
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