Divorce Mediation and the Division of Assets
There are several aspects in an Orange County divorce that can be contested by each of the spouse. One of them is asset division. Asset division is significant to each of the spouses primarily due to the economic clout that surrounds assets and their divisions. However, there are some properties like the marital homes of the couple that can raise the stakes even higher. More often than not, the value of the marital home will be more than the rest of the assets. This serves to only complicate matters further in divorce mediation cases.
In Orange County divorce mediation cases, however, couples can agree on scenarios that allow one of the spouses to want possession of the marital home while the other wants his/ her name off the mortgage. While this sounds simple in practice, it can actually be quite difficult to achieve. Here is a list of a few. In such cases, spouses have only two legal options to bring their decision into affect. One is refinance and the other is to sell the house and keep whatever cash it is sold for.
Why Is Refinancing Of A Mortgage A Difficult Option?
Of the two ways mentioned above, refinance is the only one that allows you to stay in control of and in possession of your home. Yet, before you proceed with divorce mediation, you need to consider problems that can arise in refinancing. The mortgage of homes tends to be more than the government backed loan refinance schemes. This would mean that when and if you opt to refinance your income will closely be scrutinized.
There are strict criterions that you’ll need to fulfill to be applicable to have a refinance of your mortgage. A look at the federal finance rules highlights that only people who have a personal debt ratio of less than 43% on their income are able to refinance their loans and get new loans. Therefore, the banks or the lenders will take into account your debt repayment ability and other payments that you are making because of your Orange County divorce like alimony and child support payments.
How Can You Make The Process Easier?
The first step to easing this process off is to know what the problems are. Since you know that during and before you have taken part in your Orange County divorce mediation means you are already on the right track.
The key to making sure you stray well clear of such things is to first of all make sure that every transaction you make is credit approved and done correctly. Also make sure that any and all suggestions given and decisions taken in Orange County divorce mediation are discussed with a financial expert.
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