Where Will You Live
Housing considerations loom large when divorce is being considered; it needs to be addressed immediately in most cases, and, always with as much care and thought as possible.
Here are some questions you might ask:
*How can I sell my home if I don't have any equity?
*Can the property be Quit Claimed to one spouse or the other?
*When can the marital home be sold?
*How much can I expect to sell my home for?
*Who pays the selling costs?
*NOTE
Most often the marital home is held in joint title with right of survivorship. The Deed to the home is separate from the mortgage, so if the property is Quit Claimed to your spouse, you are giving up all claims to that marital asset while still being responsible for the liability of the mortgage.
**What if I can't afford my house payment without my spouse's income?
**When is it okay to purchase a new home in regards to the divorce process?
**If I do sell my house - where will I go now?
**Do I need a down payment to purchase my new home?
**How do I qualify for a mortgage loan if I haven't worked outside the home for years?
**How can I purchase property if my spouse has damaged my credit?
**NOTE
You may not be ready financially or emotionally to take the plunge into a new home right away.
Sometimes some distance from the divorce process is needed to clearly assess your individual requirements and available options.
Using Available Resources
During this time, take advantage of experts and their advice to prepare and, possibly repair, your financial profile to facilitate your home purchase when the time comes. Or, they may have some options to present to you which you may not have considered.