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Divorce Advice & Resources

Divorce And Mortgage

Posted by Unknown | Jun 29, 2020 | 0 Comments

divorce and mortgage

Drama-Free Divorce can assist those in Kansas City going through a divorce and mortgage situation - particularly those living in Missouri or Kansas. Our services are tailored to be accessible. Flexible financing options start at $500 per month to help manage the costs of divorce more comfortably, with transparent pricing that doesn't contain hidden or unexpected charges.

We take great pleasure in simplifying the legal process for our clients. In most cases, court appearances aren't required, which relieves you of the stress and inconvenience associated with legal proceedings. Our team of highly experienced yet compassionate attorneys knows first-hand the emotional strain associated with divorce.

Divorce can be an emotionally trying journey, but when mortgage issues enter the mix it can become even more complex. In this article we'll examine the effects of divorce on your mortgage, what happens to joint mortgages during divorce, and available options. We will also discuss why an attorney might be an invaluable ally, and when and how best to hire one. Also, introduce our firm and discuss our expertise in divorce and mortgage matters - plus provide practical steps that may make the transition simpler.


What is the impact of divorce on my mortgage?

Are you wondering: "How will divorce affect my mortgage?" When two individuals decide to part ways financially, this can complicate matters further, especially if they had previously co-owned their mortgage together. Here are several ways that divorce may impact on your mortgage repayment:

  • Credit Scores: Divorce can have an adverse effect on your credit score, potentially impacting mortgage eligibility or interest rate decisions.
  • Ownership: Determining who owns your house may be challenging. Depending on the circumstances, you may decide to sell, refinance, or maintain joint ownership.
  • Financial Stability: Since your debts and assets can impact the ability to pay your mortgage payments, adjusting your budget may be necessary.
  • Legal Consequences: Divorce proceedings may involve court orders that govern how mortgages should be managed during and post-divorce.


What happens to our joint mortgage during a divorce?

Things can become confusing when sharing a mortgage with your spouse. What will happen to it if the two of you divorce?

  • Selling Your Home: One option is to sell the house and divide up the proceeds so both parties can move on with new beginnings.
  • Refinancing: Refinancing may be possible if one spouse wishes to keep the home. They can refinance in their own name, however, you must meet all lender requirements in order for this process to go smoothly.
  • Continued Joint Ownership: Divorcing couples may opt to keep joint ownership of their property temporarily as part of the settlement agreement, although doing so requires clear communication and an open plan.


What are my mortgage options when dealing with divorce?

After getting divorced, when considering mortgage options you should carefully assess all available choices. Here are a few things you should keep in mind when looking into them:

  • Refinancing: It can be an option for homeowners seeking to stay in their current home, but be prepared for it to be an arduous process, meet all criteria set forth by your lender before beginning.
  • Selling and Dividing: Selling the house together and splitting its proceeds can provide each party with an opportunity for financial independence.
  • Renting: Renting may be an excellent way to gain financial control following a divorce and get back on the right path with your finances. Use this time wisely while getting settled after separation or separation.
  • Seek Legal Advice: Consult a lawyer who specializes in property issues to determine the most suitable mortgage option for your circumstances.


Why it is wiser to hire a divorce attorney than not have one?

When going through a divorce, having legal advice is important to the process. Hiring a divorce attorney may often be more advantageous than going it alone.

  • Legal Expertise: Attorneys have an in-depth knowledge of divorce laws and regulations, so they will protect your rights during a divorce proceeding.
  • Negotiation Skills: Divorce attorneys are skilled negotiators, and can protect your financial interests while helping you reach a just settlement agreement.
  • Paperwork and Documents: Divorce can involve extensive paperwork. Hiring an attorney will reduce stress while assuring accuracy in its completion.
  • Objective Advice: Divorces can often involve strong emotions, and consulting with an attorney for advice can provide valuable clarity in making rational choices.


When should you hire an attorney?

Timing is crucial when hiring divorce attorneys. Consider consulting one if:

  • Early in the Process: As soon as you decide to file for divorce, seek legal advice immediately and consult an attorney who can guide and inform you of all the ramifications.
  • Financial Matters Should Be Addressed Early: To protect yourself from more complex legal matters and debt problems, if necessary. Consult an attorney as soon as possible if debt or mortgage issues become significant in your situation.
  • When There's Conflict: An attorney can negotiate and mediate for both of you if a disagreement arises between the two of you regarding property division, child custody arrangements, or alimony payments.


What criteria must I follow in selecting a qualified attorney?

Consider these criteria when searching for a divorce attorney:

  • Experience: Select an attorney with extensive experience handling mortgage-related divorce cases in particular.
  • Specialization: When seeking legal representation for divorce proceedings, hiring a family law attorney who specializes in these areas will help meet all your needs more efficiently.
  • Client Testimonials and Reviews: To gain an idea of an attorney's reputation, read up on client reviews of his or her services.
  • Clear Communication: Your attorney should keep you up-to-date at each step and communicate with you clearly.
  • Fees and Costs: Communicating fees and costs upfront will help to prevent financial surprises later.


Why Choose Drama-Free Divorce?

At Drama-Free Divorce, we specialize in divorce cases. Our team of seasoned divorce attorneys understands both the financial and emotional challenges you're up against.

  • Experience: Our team has an established track record in successfully handling divorce cases.
  • Specialty: Family law is our specialization, therefore we understand the unique challenges associated with divorce proceedings.
  • Client Satisfaction: Our clients consistently praise our communication skills, expertise, and dedication to their cases.
  • Transparency: We value clear communication about fees and costs in advance so there will be no unexpected surprises later on.
  • Guidance and Support: We are here to offer guidance and support as you face this trying time.


Suggestions for Action

Here are a few practical suggestions to assist in the complex terrain of divorce and mortgage:

  • Starting early on in your divorce proceedings, consult with an attorney in order to better understand all available options.
  • Communication is key in reaching an agreement with your spouse regarding a mortgage loan.
  • Budget for life after divorce and assess your financial situation.
  • Explore refinancing options, and ensure that they fulfill all lender requirements.
  • Consider selling and splitting up the proceeds to launch yourself into financial independence.
  • Pick a divorce attorney who specializes in your particular needs and criteria.
  • Drama-Free Divorce can provide the expertise and experience necessary for you to navigate this challenging path to divorce successfully.

Divorce and mortgages can be challenging subjects to navigate together, but with enough knowledge, legal assistance, and an organized plan in place you can successfully navigate them to secure financial independence and create the opportunity for a fresh start. Don't navigate alone, professionals are available at every step to support you on this journey. Contact us today at 816 615-5555 or send us an email on our Contact Page.

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