A recurring issue that emerges time and time again in divorce matters is the predicament of who is going to maintain residence in the marital home once the parties are divorced and living separate and apart. This problem can take many forms. Some parties cannot wait to get out of the home and put their old life behind them. Others remain enamored with the dwelling they have grown to call “home” and prefer to stay. In some instances, both parties wish to remain and will fight to the death in order to be the one who does. Whatever the scenario, the fact remains that when two people are divorced, the duel income they were once living off of becomes singular; however, the mortgage payment for the beloved home remains the same amount.
As such, if you wish to remain in the marital home post-divorce, it is important to assess whether or not it is going to be financially feasible for you to do so. If you are a spouse who is more financially dependent on your soon-to-be former spouse, certain factors such as amount of support you will eventually be receiving will play a factor. If you wish to stay in the marital home on your own post-divorce and there is a mortgage payment in association with that home, it is likely that you will be required to refinance the existing mortgage in your name only before your spouse signs over the Deed granting you title to the home. This can be a daunting task which is only becoming more and more difficult with the passage of new federal law, in particular the Qualified Mortgage Rule, which will take effect on January 10, 2014.
In short, the Qualified Mortgage Rule is intended to create a class of “safer” mortgages. It does this by (A) restricting certain loan features, (B) capping mortgage points and fees, and (C) imposing certain underwriting requirements for loans. Basically, it is designed to create safer loans by prohibiting or limiting certain high-risk products and features. In turn, this will make obtaining a mortgage only more difficult than it already is.
The passing of this new rule only highlights how important it is to have an awareness of your own financial capabilities when proceeding with a divorce. Ignoring your financial reality has many dangers, including giving yourself unrealistic expectations of asset distribution and will set you on a path for failure before the ink is even dry on your Judgment for Divorce.
Since the Houseman case, pet custody is not as straight forward as it used to be. It is no longer just about the money. Hiring the right counsel is key. We at Lyons & Associates ask the important questions to make sure that pet custody issues are resolved fairly in your divorce or break up. If you or someone you know has questions about pet custody, contact one of the skilled attorneys at Lyons & Associates at 908-575-9777. You can also fill out our online intake form.
WRITTEN BY: William P. Lemega