Many divorcing couples think that because they are parting amicably, they don’t need to seek the advice of a family lawyer. Even if they agree on child custody and how to split assets, a few years down the line, they might realize why it always pays to consult an attorney. The Fiscal Times discussed the topic in a recent article.
The report profiles Rick Buchler and his ex-wife. They had no disagreements about asset division, so they didn’t think that they needed a family lawyer for mediation. Mr. Buchler moved out of their home, and his ex stayed, because she could afford the mortgage on her own.
Mr. Buchler transferred the deed to his ex and thought that he no longer was liable for the home. Two years later, when he applied for a loan to purchase a new home, his bank denied his request.
A bank employee told Mr. Buchler that he still was on the mortgage of his old home. In order to be removed from the mortgage, his ex would need to apply for a new one, which would cost more than $5,000.
At that point, two years later, who should pay the $5,000? Naturally, neither of them volunteered.
Representation Is Important During Any Divorce
If Mr. Buchler had contacted a divorce lawyer, he could have addressed the mortgage issue much earlier. Considering what could have happened, he actually was lucky that he found out the way that he did. If his ex had lost her job and defaulted on the payments, his credit would have been affected.
A mortgage dispute is just one example of the myriad of complications that can pop up during a divorce proceeding. So, it always pays to hire a professional.
Stuart R. Shafer has more than 36 years of experience serving in Michigan courtrooms. He can help you develop solid property-division plans that can save you headaches down the road. For a free telephone consultation, Contact Us At 517-487-6603 Today!
Cash-Out Refinancing Can Be The Solution To Mortgage Disputes During Divorce
The Fiscal Times article outlines some hypothetical scenarios that can help couples deal with a shared mortgage. If one party wants to keep the home and the other doesn’t, it can be difficult to determine how to pay the leaving spouse the entitled equity.
In those cases, couples can apply for cash-out refinancing. That way, the party that wants to stay can pay the leaving party and refinance to get the mortgage in his or her name alone.
In most cases, issues regarding mortgages are easy to resolve; however, if a divorce involves prenuptial agreements, child custody or alimony, it can be more complicated to navigate. It’s important to find an attorney that will represent your interests in the courtroom.
At The Law Offices of Stuart R. Shafer, we have the experience necessary represent you in even the most complex divorce proceedings. Contact Us At 517-487-6603 Today!