D – Departing From A Relationship
I – Increase in Expenses
V – Volatile State of Mind
O – Organizing Your Life Over Again
R – Retirement Plans Just Got Put on Hold
C – Closure, Well that takes time
E – Eventually things start to seem normal again
Divorce is not a fun time for anyone involved. If you have children the experience is amplified even more. People get hurt a lot of money is spent when people don’t agree during a divorce situation. Fighting through a divorce can cost you 10 to 20 times more in legal fees than trying to be cordial through this event.
*YOUR HOME* Likely one of, if not the largest asset involved in the dreadful process. So what happens to your home now that the divorce process has started. Well you have 4 basic housing options.
Part of making the best decision for yourself is knowing exactly what you have to gain or lose by choosing one of the 4 options. You can get a Free Estimate on your Homes value by visiting our website. It is likely that your attorney will be looking for a similar report and you may even need to get a full on appraisal. Knowing the value of your home will be key in negotiations. I have personally been involved in assisting past clients in helping determine the value of a home. One particular situation one party A sought out a friend agent who gave a very inflated value on the home, note party A wanted party B to buy them out by refinancing the home and cashing party A out. You can see the conflict of interest here.
Party B feeling that something was not right with party A’s opinion on the homes value, took to the internet and found my website. After a 10 minute discussion I discovered party A’s agent had taken this golf community and used homes that backed to the golf course. The homes on the golf course that sold were selling for $50,000 – $100,000 more than homes that were not on the golf course. This particular home as you have probably figured out by now, did not back to the golf course. After I finished my assessment on the supply of homes in the area and the demand by the buyers looking in the area plus the recent sale prices of similar properties, we determined the home was valued at $340,000 vs party A’s value of $400,000. That’s a difference of $60,000. Party A’s agent later agreed with the value provided and I was able to save party B $30,000 plus all the additional legal fees an attorney would have charged to do their own research (5 minute phone call to another agent with a $1000 bill for their time).
Don’t get me wrong attorney’s do provide a value that we need to help protect our interest, but if we can save time and money by utilizing tools that are available to us that are free, it just makes sense.
Here are some good articles by the “MODERN LAW” Law Firm that specialize in Divorce Situations. Our Friend Billie Tarascio is a great resource.
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