Sometimes it seems like people make their divorce financial decisions like they’re playing a childhood game. Eenie, Meenie, Miney Mo, just randomly pick an option so I don’t have to invest a lot of time in learning the facts. Pin the Tail on the Donkey, financial blindfolded, without the proper disclosure, let’s just sign the agreement and get it over with. A pinata, I’m going to keep hitting the same financial issue over and over, until I wear you down. I’ll just take whatever comes out once the whole thing explodes.

Sounds ridiculous right? And yet, as divorce professionals, we see this more often that you might think. So often people childishly hold onto a marital asset like a two-year-old with a piece of dirty candy or a broken toy. They can’t see past their own emotional attachment to something and the fact that, financially, it may be unhealthy, valueless or indivisible.

If we can understand the laws of cause and effect, anyone can predict the future. What we do today leads us to tomorrow’s destination...
– Celso Cukierkorn

Few things are more valuable in a divorce than real estate property, particularly the marital home. And few things can be more contentious. Perhaps it’s your dream home, or the one you brought your babies home from the hospital to, or you’ve recently made expensive renovations or repairs. Or maybe it’s just that your ex loves this house, and you want to punish him/her by keeping it out of spite. Whatever the emotional reason, or attachment, not understanding the true value of real estate property and what it may cost you to keep and/or maintain it could be permanently costly.

Debt means enslavement to the past, no matter how much you want to plan well for the future and live according to your own standards today. Unless you’re free from the bondage of paying for your past, you can’t responsibly live in the present and plan for the future. – Tsh Oxenreider

Did you know that refinancing and mortgage requisites through a divorce can be much different than a traditional home loan? Keeping the marital home, may be the best practical investment in your financial future. Or it may just be that, in the long run, it will cost you more time, energy and money that you can really afford to lose.

Sometimes, school zones, neighborhood friends, proximity to family or a short work commute may add an intangible value to a piece of property. None of these factors should be dismissed. The fact is that all the pros and cons should be considered before making a decision.

Know what you own and know why you own it. – Peter Lynch

It may be that making the best choice for ourselves, our family and our finances means leaving a home that we love or it could mean staying. Understanding the true value of your real estate property, the financial options you may (or may not) have for keeping it and whether or not it’s a good investment in your post-divorce future cannot be overstated.

Don’t depend on what your divorced friends say, what your friend who’s a realtor thinks or even what the current mortgage and interest payment may be. Your divorce is personal, and your circumstances are unique. The real estate market has changed profoundly in the past 24 months alone, and you can’t afford not to work with qualified professionals. Look for real estate experts who have specific divorce certifications and experience. Don’t be afraid to ask the tough questions and never, ever agree to something before you understand how it works and whether or not you can afford it.

This month’s blog includes expert articles to help you decide if you should stay or if you should go – so you can sleep soundly in whatever home you end up in, confident in your financial and real estate divorce decisions.

Expert Articles:

Stay or Sell - What is Right For You? By Lauren Loper, Realtor, RCS-D®, CPRES

Why Hire a Certified Apprasier? By Michael Congemi, Certified Residential Appraiser, RCS-D®

When Dream Homes Become Nightmares

Expert Articles:

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