There is no question that going through a divorce can be an extremely emotional and stressful time for any couple. Breaking up is hard to do, both figuratively and literally. Not only does one have to deal with the loss of someone, they need to deal with the financial losses as well.
Even people with the best of credit may find themselves in a bind when attempting to buy a new home while divorcing. Alimony and child support are considered as debt and can work against an individual’s credit. Regardless of the financial situation, it may be better for a person to wait until divorce proceedings are finalized before trying to purchase a new home.
There are many things to consider when attempting to find adequate places to live during and after the divorce proceedings.
- If a couple owns a home, is it better to sell or have one person buy out the other?
- If children are involved, should the spouse with the greater income continue to pay the mortgage in the family home so the children aren’t displaced?
- Should both names stay on a mortgage?
- Should a couple continue to co-habitate until the divorce is finalized?
- Should one person rent an apartment near the house until all arrangements have been agreed upon?
The answer to any of these questions really depends on what works best in a given situation. Some couples may have no problem holding off selling a home and working together during the transition, while others may harbor resentment toward their soon-to-be-ex spouse, making compromises difficult, if not impossible.
People have to weigh their options when deciding what will work best for them. Chances are that individuals involved in a divorce may have to face giving up certain lifestyles. Some may choose not to carry a mortgage at all.
Tempting as it may be, it is best not to rush through the process. It is important to be pragmatic and to react without emotion as much as possible. Being patient, clear headed, and focused during a divorce is sure to pay off for everyone in the long run. It is important for individuals to seek professional advice, especially when it comes to financial planning.
With the assistance of an experienced family lawyer in Maryland, divorcing couples can resolve their mortgage issues without the need for expensive judicial proceedings. A peaceful resolution to these issues is best for all parties involved, especially when there are children affected by the divorce.
Baltimore County Divorce Lawyers at Huesman, Jones & Miles, LLC, Help Sort out Mortgage and Housing Issues
At Huesman, Jones & Miles, LLC, our dedicated Hunt Valley divorce lawyers have represented countless individuals in the drafting and enforcement of divorce agreements. We are prepared to handle all your family law matters including those related to divorce, child support, alimony, property division and child custody.
With offices conveniently located in Hunt Valley, Maryland, our experienced Baltimore County divorce lawyers serve family law clients throughout the greater Baltimore area including residents in Baltimore County, Carroll County, Harford County and Howard County as well as in the communities of Towson, Bel Air, Columbia, Westminster and Essex. Call Huesman, Jones & Miles, LLC, at (443) 589-0150 or submit an online inquiry form today to schedule your free confidential consultation.
