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  • divorce and what you need to know about your home report

DIVORCE: What You Need to Know About Your House, Your Mortgage and Taxes


"Once you know how a divorce affects your home, mortgage and taxes, critical decisions are easier. Neutral, third party information can help you make logical, rather than emotional decisions."


How to Avoid Costly Housing Mistakes in the Midst of a Divorce

Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.  In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straight-forward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. Neutral, third party information can help you make logical, rather than emotional decisions.

Probably the first decision is whether you want to continue to living in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories? Do you want to minimize change by staying where you are, or sell your home and move to a new place that offers a new start?  Only you can answer these questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy? How much house can you buy on your new budget? The purpose of this report is to help you ask the right questions so you can make informed decisions that will be right for your situation.

4 OPTIONS

You have 4 basic housing options when in the midst of a divorce:

  1. Sell the house now and divide up the proceeds.
  2. Buy out your spouse.
  3. Have your spouse buy you out.
  4. Retain your ownership.

It's important for you to understand the financial implications of each of these scenarios.

1. Sell the House Now and Divide Up the Proceeds

Your primary consideration under these circumstances is to maximize your home's selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be - i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original down payment, and the legislative property laws in your area.

2. Buy Out Your Spouse

If you intend to keep the house yourself, you'll have to determine how you'll continue to meet your monthly financial obligations, if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.

3. Have Your Spouse Buy You Out

If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket. However, be aware that if the the old home loan is not refinanced, most lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won't have legal ownership.

4. Retain Joint Ownership

Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.

When You Decide to Sell

I f you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.

When You Buy Your Next Home

Use the proceeds from your previous home or buy out to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home buying criteria. 

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    • Tottenville
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    • South Shore Homes under $850k
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    • Annadale 1 Family Attached Homes Under $500,000
    • Annadale 1 Family Semi Attached Homes Under $600,000
    • Mid Island Homes Under 850k
    • Eltingville One and Two Family Detached Properties Under $700,000
    • Mid Island One Family Brick Detached Properties
    • South Shore Condos
    • Heartland Village One Family Attached, Semi, and Detached properties under $700,000
    • South Shore One Family Townhomes
    • Great Kills One Family Semi Attached and Fully Attached Properties Under $550,000
    • Manor Heights Properties Under $800,000
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    • New Springville and Bulls Head Condos Under $400,000
  • Buyers
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    • Making an Offer
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    • BECOME A VIP BUYER
    • Distress Sales/Bank Foreclosures Hotlist
    • Stop Paying Rent
    • Buy With Zero Down
    • Moving Up?
    • Save Thousands
    • 6 Buyer Mistakes
    • 9 Common Buyer Traps
    • New Homes vs. Resale
    • Fixer Uppers: Myths & Facts
    • Best Financing Rates
    • 10 Best Buys Hotlist
    • First Time Buyer Hotlist
    • Upscales Homes List
    • No Money Down Hotlist
    • Homes With Land Hotlist
    • Homes With Pools Hotlist
    • Fixer Uppers Hotlist
    • Multiple Listing Search
    • "You Will Love Your New Home Or We'll Buy It Back"
    • Buyer Cancellation Guarantee
    • Save On Your Next Home Purchase
    • AVOID THESE 13 COSTLY MISTAKES
    • South Shore One Family Townhomes
  • Sellers
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    • Pricing Your Home
    • Marketing Your Home
    • Showing Your Home
    • Adding Value
    • Free Market Analysis
    • YOUR HOME SOLD GUARANTEED OR WE'LL BUY IT!*
    • AVOID THESE MISTAKES
    • HOW TO SELL FOR MORE
    • PRICES IN YOUR NEIGHBORHOOD
    • PASS YOUR INSPECTION
    • 27 TIPS TO A FAST SALE
    • FOR SALE BY OWNER
    • YOUR HOUSE DIDN'T SELL
    • WHEN WILL IT SELL
    • EMPTYING THE NEST
    • AVOID LEGAL MISTAKES
    • GETTING THE BEST PRICE
    • GETTING YOUR PRICE
    • TIPS ON MAKING THE MOVE EASIER ON PETS
    • CITY WIDE BUYERS NETWORK
    • WHO WILL WRITE THE ADS THAT HELP SELL YOUR HOME
    • WHO HIRES YOUR HOME SOLD GUARANTEED REALTY ADVISORS
    • WARNING AND SHOCKING FACT
    • WHAT TO DO NEXT!
    • WARNING! LIES AND MISCONCEPTIONS
    • THE TEAM APPROACH
    • 4 BIG REASONS TO ASK US TO SELL YOUR HOME
    • DONT PLAY BLIND ARCHERY
    • RELY ON THIS WHEN YOU SELL YOUR HOME
    • THE EVERY DAY OPEN HOUSE
    • 6 SELLER SATISFACTION GUARANTEES
    • FACTS AND ANSWERS TO AGENT SELECTION CRITERIA
    • TOP 4 MISTAKES TO AVOID WHEN LISTING YOUR HOME WITH AN AGENT
    • REAL ESTATE SELECTION FACTORS
    • YOUR HOME IS GUARANTEED TO SELL
    • SELLER CANCELLATION
    • Divorce and Your Home
    • Parents: 10 Tips to Prepare Young Children for a Move
    • Probate Property Solutions
    • Your Home Sold at 100% of Asking Price or We'll Pay You the Difference
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O: 718-608-4892
M: 917-921-1665
E: Email Us
Standardized Operating Procedures

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