An astonishing 70% of divorces involve real estate, and in many cases, this is a couple’s largest asset. At this critical time in their personal and financial lives, these couples need guidance from someone who understands all the pieces of the puzzle—family law, financial and tax planning, real property, and mortgage planning.
In divorce, each party may have their idea of what the end-game looks like; sometimes, it varies greatly, and sometimes there are issues where the end-game is the same. Take real property, for example - a highly valued marital asset. The marital home may have a higher value than other real property simply because of the emotional value attached. Divorce Mortgage Planning combines strategies and solutions with the right tactics to execute once the divorce is final.
How do you create a strategy when one spouse wishes to retain the marital home or when the marital home is sold, and both spouses will purchase new primary homes? The end-game may not be as easy to attain as you think. Divorce can throw a wrench into obtaining mortgage approval for both spouses moving forward.
The role of a Certified Divorce Lending Professional is not to provide tax or legal advice. Working directly with the divorce team, a CDLP® incorporates divorce mortgage planning into the overall process with a unique and solid understanding of the intersection of family law, financial and tax planning, real property, and mortgage planning.