In case you haven’t heard, mortgage rates are really low right now, which may or may not have you thinking about a refinance. I get it; in fact, my husband and I just refinanced ourselves, which is what leads me to our discussion today. Well, that, and a recent consultation I had. In my consultation, the woman asked whether she should refinance now or later, with a specific goal of the refinance being that she and her husband wanted to take money out to cover their youngest daughter’s college … [Read more...]
Can we keep the house jointly after Virginia divorce?
Can we keep the house jointly after divorce? Real estate is – sometimes – complicated. I started practicing law actively after the big crash in 2008, but I have been told by several other practitioners who were working at the time that property values meant that people who would otherwise have gotten divorced stayed together. When houses plummeted in value, it meant that people could no longer afford to get out of their homes, let alone find two new places for them to live afterwards. Lots of … [Read more...]
Bankruptcy and Divorce
Bankruptcy and Divorce If you have more debts than assets and you feel like you’re drowning, it may be that divorce shouldn’t be your first thought. Let’s break it down a little bit. Because, of course, financially, divorce CAN help, especially if there are some issues (like his general extravagance) that you want to get out from under. But what is divided in divorce, and how can it help your overall financial picture? How are debts divided in divorce? Typically, debts that were incurred … [Read more...]
Refinancing in Virginia Divorce: 3 Things to Know
3 Things to Keep in Mind When Refinancing Your Home Real property is often one of the biggest items to address in divorce and we have to figure out what will happen to it. A lot of our clients tell us they want to keep living in the former marital home after the divorce, which typically involves a refinance. There are things you need to keep in mind when making that decision: The first question to ask is” Do I Need to Refinance?” If you and your husband are listed on the mortgage and deed, and … [Read more...]
To keep, sell, or refinance the house in Virginia divorce
To Keep, Sell, or Refinance the House in Virginia Divorce Real estate is easy. Either one or the other of you keeps it, in which case you refinance the mortgage to remove your spouse from liability, or you sell it and split the proceeds. There’s not a lot of options, so we can often cut to the chase pretty quickly. I want to keep the house. Great! I get it. It’s an emotional thing. You’ve had some good memories there – where you brought your kids home from the hospital, where you watched … [Read more...]
Vacation Homes and Divorce
Equitable distribution is the fancy way we describe how property is divided in the Virginia divorce process. Under equitable distribution, the court looks at all a couple’s assets (the things that are worth money) and liabilities (yes, your debt gets divided, too!) and makes a determination about what each former spouse should take away from the marriage. How are assets and debts divided in Virginia? There are two ways that assets and debts can be divided in Virginia divorce. Either an … [Read more...]
He wants to keep the house!
The house is, in many cases, one of the biggest, most emotionally charged elements in a divorce, for husbands and wives alike. Of course, I don’t represent any husbands, but I can tell you about it from the wife’s perspective. The marital residence in Virginia divorce So, obviously, something has to happen with the house. It’s easy, in most cases, because the options are so limited. You either sell the house, or one person buys out the other person’s interest in the house. If both spouse’s … [Read more...]
Keeping Kids in the Same School District in Virginia Custody and Divorce
I read an article the other day about parenting children through divorce and it cautioned parents to not beat themselves up over all the pain and suffering that their children would experience throughout their lifetimes. Though, as moms, we all tend to feel like it’s our job to protect our children from all the various unpleasant experiences of life, it’s also through that pain and suffering that children build courage, confidence, and character. After all, isn’t that how it worked for us? Who … [Read more...]
The house in Virginia divorce
For many married couples, the home is one of the biggest (if not the biggest) asset. You’re going to have to do some thinking about what you want done with the home after divorce. For a lot of reasons, the home comes with a lot of emotional attachment, and different people have different ideas about what they’d like to see done with it. For many moms, keeping the home is important. There are the memories to consider, of course, but also a sense of continuity for the kids, as well as the … [Read more...]
