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Divorce and Your Money - #1 Divorce Podcast

Visit us at www.DivorceAndYourMoney.com Divorce and Your Money is your guide to avoiding costly mistakes during divorce. Shawn Leamon, Certified Divorce Financial Analyst and MBA, wants to help you learn the fundamentals of how to get a divorce. Whether you are looking for an uncontested divorce, a do it yourself divorce, or an online divorce, resources are available to offer guidance. Through his divorce podcast and divorce blog, Shawn offers his professional opinion on the best ways to handle the end of your marriage. He covers topics including how to file for divorce, divorcing a narcissist, and finding the best divorce attorney. Even tricky subjects such as a “what is a QDRO?” and “is alimony taxable?” are tackled through these venues. If you need to know what the first steps are or what you should do to head to trial during litigation, you can find resources to give you a step-by-step guide to what comes next. Think of his advice as an alternative to divorce support groups where you can find exactly what you need when you need it. He offers one-on-one divorce coaching to give you a solid grasp on the decisions that are bound to affect your financial future. Before you have a divorce decree in hand, you will likely go through some type of divorce mediation. For any spouse saying, “I want a divorce,” you need to make sure that you are getting the financial future you are entitled to. Do not allow yourself to be blinded by the emotional, legal, and financial burden that divorce can become. Instead, take control of your situation with sage wisdom to help all individuals make better financial decisions for their independent future. If you find yourself asking “where are the best divorce lawyers near me?”, Shawn can help you to recognize the best of the best. Whether you need a divorce in Texas, a divorce in Florida, or a divorce in New York, you will have all the knowledge you need to find the best team of professionals to assist you. You can start from a place of being legally separated or once you have already started to file for divorce using free divorce papers or an attorney. No matter where you or your marriage may be in the process, Shawn Leamon has professional advice to offer your unique situation. A simple no fault divorce or a high-stakes power struggle are all areas he has vast experience with during his work outside of Divorce and Your Money. Let his advice be a guide to help you get all that you need for a secure financial future in your divorce records. It will not make a difference whether you are getting a divorce in Ohio or a divorce in California if you are following the basic principles set out through Divorce and Your Money’s divorce blog, divorce podcast, and divorce coaching.
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Feb 28, 2017

This article was originally published on Nerdwallet. See the original article here.

By Shawn Leamon

Learn more about Shawn on NerdWallet’s Ask an Advisor

The marital home is many couples’ most valuable asset, so deciding what to do with it during divorce can be difficult. You and your soon-to-be ex have two basic options: sell the home, or one of you stays in it. If you stay, there are two ways to handle the mortgage.

Each option has pros and cons, so you’ll have to weigh what’s right for you carefully.

Sell the home and pay off the mortgage

If you sell your home and pay off your mortgage, you can put both behind you. You can also use the profits to pay down other shared debts. However, if your home appreciated substantially while you owned it, you might owe capital gains taxes on the proceeds.

And depending on the state of your local housing market, you might not be able to sell your home for a profit. If you still owe a balance on your mortgage after the sale, you and your soon-to-be ex-spouse will need to decide how to best pay it off, unless the bank approves a request to release you from liability.

» MORE: How to sell your house

One spouse keeps the home

Perhaps you want to retain some sense of normalcy for your kids, or you have an underwater mortgage. If selling your home isn’t the ideal solution, one of you might want to take it over, along with the mortgage payments. Here, you (or your soon-to-be ex) have two ways to approach this choice.

REFINANCE

If you refinance the mortgage, the new home loan will be in your name only with new terms based on your creditworthiness alone. The interest rate and monthly payments on a refinance could become more expensive. Your ex might need to sign a “quitclaim deed,” which would remove his or her property rights.

KEEP THE MORTGAGE

You can also try to assume the existing mortgage without refinancing. In other words, you remove your ex’s name but keep the same loan terms. If you go this route, the lender will still need to determine your individual creditworthiness.

In this case you would also need a quitclaim deed; otherwise your ex-spouse would still have rights to the home. For instance, in the event of the sale, he or she would be entitled to a portion of the proceeds. More importantly, as a practical matter, almost no bank would allow one person to assume a mortgage without also having sole ownership of the home.

The ease with which this can be done varies. Sometimes it can be done for a few hundred dollars. In some cases, such as with expensive homes in restrictive condo buildings, it can cost tens of thousands of dollars.

Know your options

It can be tough to keep a clear head during this emotional, tumultuous time, but you should still be making rational decisions about your finances. Understanding your options can help you and your soon-to-be ex-spouse make the right financial decisions.

Shawn Leamon is the host of the “Divorce and Your Money” podcast and managing partner of LaGrande Global, with offices in Dallas, New York and Hanover, New Hampshire.

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