"Nothing matters more in winning than getting the right people on the field. All the clever strategies and advanced technologies in the world are nowhere near as effective without great people to put them to work." – Jack Welch, Winning
The Importance of a Strong Divorce Team
During a divorce, the primary focus is often on resolving immediate issues such as the distribution of real property and assets. However, it's crucial to consider life after divorce and understand how various aspects of the process fit together. The intersection of family law, financial and tax planning, real property, and mortgage planning plays a significant role in achieving a successful outcome.
Assembling Your Divorce Team
A successful divorce settlement requires teamwork. Key players typically include:
- Divorcing Clients
- Attorneys
- Financial Planners
- Mediators
- Real Estate Agents
- Appraisers
- Mortgage Professionals
The Role of a Certified Divorce Lending Professional (CDLP®)
In many divorce cases, financial issues can cause negotiations to break down, leading to litigation. A Certified Divorce Lending Professional (CDLP®) is a trained expert who provides a balanced, thorough financial evaluation of current and future mortgage financing requirements, offering realistic solutions to negotiation obstacles.
How a CDLP® Can Assist During Divorce
Depending on the situation, a CDLP® can perform various functions, including:
- Collaborative Solutions: Assisting with the collaborative process to secure immediate and future mortgage financing for both spouses.
- Equity Buy-Out Guidance: Providing guidance on the affordability and financing needs to support an Equity Buy-Out and refinance of the marital home.
- Support Income Analysis: Analyzing the ability of one spouse to meet mortgage financing guidelines using support income such as maintenance and/or child support as qualifying income.
- Debt Pay-Off Solutions: Evaluating debt pay-off situations to meet mortgage financing requirements and offering solutions for pay-offs.
- Financial Documentation: Identifying and gathering necessary financial documentation to assist with mortgage financing needs.
The CDLP® Advantage
A CDLP® brings tremendous value to the divorce team during the settlement process. Their comprehensive understanding of family law, financial and tax planning, real property, and mortgage financing allows them to better support and assist both the divorce team and divorcing homeowners.
Why Choose a CDLP®?
Do you have questions about how divorce may impact your ability to obtain mortgage financing? A CDLP®'s knowledge and experience can help make the transition smoother and more successful for all parties involved. Incorporating Divorce Mortgage Planning into the divorce settlement can help both spouses secure new mortgage financing post-divorce.
Get Your Copy of the Divorcing Your Mortgage Homeowner Workbook
Contact a CDLP® today for a copy of the "Divorcing Your Mortgage Homeowner Workbook," a comprehensive guide to credit, real estate, and mortgage financing after divorce. This workbook will help you get organized, be prepared, and understand your mortgage financing options, whether you need to refinance the marital home in an Equity Buy-Out situation or prepare to sell and purchase a new home post-divorce.
Conclusion
Involving a Certified Divorce Lending Professional (CDLP®) early in the divorce settlement process can help divorcing homeowners set the stage for successful mortgage financing in the future. The holistic approach of Divorce Mortgage Planning evaluates mortgage options in the context of overall financial objectives as they relate to divorcing situations. Working directly with the divorce team, a CDLP® helps integrate the mortgage selected into the long and short-term financial and investment goals, minimizing taxes, interest expense, and maximizing cash flow.
This is for informational purposes only and not for the purpose of providing legal or tax advice. You should contact an attorney or tax professional to obtain legal and tax advice. Interest rates and fees are estimates provided for informational purposes only and are subject to market changes. This is not a commitment to lend. Rates change daily – call for current quotations. The information contained in this newsletter has been prepared by, or purchased from, an independent third party and is distributed for consumer education purposes.
Copyright 2021—All Rights Divorce Lending Association
