Take or Leave the House

Keeping the family home is one of the biggest decisions women make in divorce. The house is likely the biggest asset in the divorce, so the decision whether to take it or leave it can have significant financial consequences.

The decision you need to make about the family home can be very emotional. Memories are tied up in the house and if you're like many women, you're thinking about the opportunity to keep your kids in their home when they're already experiencing so many changes because of divorce.  

Tami Wollensak, a Certified Divorce Lending Professional (CDLP), helps us evaluate the options and challenges in keeping the family home in a divorce. She joins us on this week's episode of the Find Me The Money podcast to discuss the process of assuming a mortgage or refinancing the home.

If you have decided that you're going to keep the home, you'll have to go through the process of qualifying for a mortgage on your own. You'll have to meet credit, income, and asset requirements. This can be daunting, especially if you've been stay-at-home mom. Tami gives us her expert insight into how you can qualify for a mortgage as you re-enter the workforce or if you only have child support or spousal support for income.

Before you take any steps towards the decision to take or leave the house, it's important to consider all expenses related to home ownership. Don't let emotion cloud your judgement. Listen to this week's newest episode before you make the informed decision to Take or Leave the House in your divorce.