Moving through the world of divorce and transitioning into your post-divorce life can be scary and difficult. Those impacted by divorce need support in three main areas: Legal, Financial and Emotional. I have a network of professionals that work with me to help families through all of these areas. Having the right set of professionals to help you through this time is critical.
Many divorces require figuring out what to do with the house, and in most divorces, the house is the most valuable asset to divide.
If you have real estate, there is usually cost involved in handling it. If you decide to sell the property, you’ll have cost in broker commissions, transfer taxes, and preparing the house for sale. These aren’t insignificant costs – we usually tell clients to budget about 8% of the value of the house for these costs. If you want to stay in the house, but want to sell the house later, you will bear these costs by yourself. If you are thinking about staying in the house but selling it within a few years, consider this cost in your decision. Sometimes it makes sense to sell the house as a married couple, so you can share those costs together.
If you’re buying a new property, there are obvious costs in the purchase price, closing costs, moving costs, appliances, home improvements and decoration the new house to make it “yours”.
In many cases, one spouse keeps the house, but the house and mortgage is in joint name. If you’re keeping the family home, there is likely to be legal cost to transfer the deed from joint name to single name, and if refinancing is required to provide a cash-out to your spouse, there likely will be closing costs to that transaction. It’s definitely more expensive to have two homes, even if one is a temporary apartment or rental home. There are moving costs, deposits, down payments, new homeowners insurance, loss of multi-vehicle discounts in car insurance – all of these costs should be considered when getting divorced.
As a real estate divorce specialist, I have years of experience in this field which allows me to bring a high level of empathy to my separating and divorcing clients. Contact me today for a no cost consultation.