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Divorce and Real Estate, Is it really that Simple?

August 24, 2010

What is the first decision in Divorce?  Logically, one party or the other (or both parties mutually) decide that their marriage cannot be saved, and divorce is the only option.

After that then what?  Often, once a divorce is decided upon, the next biggest decision in divorce is often made first.  Why is it that a decision about the Family Home is made so early?  There are a multitude of reasons.  Often, one spouse or the other wants to stay in the house for the children, the schools, the value.

Realistically, all emotion aside, prior to making that decision, each spouse must look at this real estate transaction (because, after all, it IS a real estate transaction), with full knowledge, and all of the research necessary to understand what you are keeping, what it will cost, if you can truly afford it and what can go wrong.

Learn more, earlier in the process, and protect yourself.  Know what you are getting into (or out of).

What is the big deal?  How can it affect you?  Many husbands and wives are joint debt holders on their real property.  Often, when one spouse keeps the house, the other signs over their interest through a “quitclaim” deed.  A quitclaim deed signs over the interest in the property.  BUT, it does NOT effect the loan.  The spouse signing the quitclaim deed is still tied financially to their ex-spouse UNLESS, the house is 1) refinanced or 2) sold.

This is only one of the many dangers that divorcing homeowners face with respect to their former marital residence.  Learn more: Even better, come to a FREE presentation on September 7, 2010.  Learn what can happen, and how to protect yourself:

Note:  I am not an attorney, and nothing herein is intent upon giving legal advice.  I am happy to provide Real Estate guidance, however!

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