When we own a home with our spouse, it's often the biggest shared asset we have. Some of you want nothing to do with keeping the home and some of you would fight tooth and nail to keep it. But do we actually know what the options are, which are actually available to us and how to determine which may be right for us - regardless which it is that we initially want?
In this episode I'm going to help you understand which elements of home ownership need to be considered in a divorce, what information you should gather proactively and what the actual available options are out there when it comes to your house.
I'll share key terms to familiarize yourself with, the importance of understanding the financial obligations that can arise during your divorce and strategies for managing them effectively, and what you need to know about equity calculation, equity distribution, and possible buyout arrangements.
For more information on the P.E.A.C.E. of Mind Initiative and the free resource center, please visit https://peaceofminddivorce.info
Jamie Milam is a divorcée, Realtor®, Certified Divorce Specialist®, and aligned strategy enthusiast.
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Episode Moments:
04:03 Importance of Exploring Options Before Legal Proceedings 05:40 Understanding the Basics: Title, Deed, and Mortgage 11:36 Understanding Equity and Its Role in Divorce 13:11 How to Determine the Best Strategy for You 17:07 Understanding the Concept of Buyout 22:51 Exploring Other Options to Keep the Home
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