January is 'Divorce Month' - 5 Questions to Ask About Your Home

"January is such a common time to file for divorce that it's been long known as "divorce month" among family lawyers. It marks both the end of the holidays and the start of a new tax year, which can make it simpler to financially separate from your ex. A key part of navigating a divorce is deciding what to do with your home. Your property is likely among the most valuable assets in the marriage, and it's important to take the time to understand your options. The best outcome for yourself and your family may not be the one you expect."

""The first thing that I would ask a client is, what would you like to do with the home?" says Kenneth Glasser, an attorney who specializes in divorce and property distribution in New York City. It's not unusual to have a deeply personal connection to your home, and divorce can be a time when emotions run high. Maybe you don't know yet what you want to do - in this case, a financial planner or lawyer may be able to help you reach a decision."

"You could also consult a certified divorce lending professional (CDLP) to learn more about your financial position. A CDLP can model various scenarios for dividing marital debts and assets to help you understand your ability to qualify for a new mortgage or refinance. The Divorce Lending Association maintains a database of these professionals, so you can contact one local to you."

January commonly prompts divorce filings, aligning with post-holiday timing and a new tax year that can ease financial separation. Prioritize deciding whether to sell the marital home or retain it, recognizing emotional ties and family needs. Obtain a professional appraisal to set a fair value and evaluate options for covering an ex's equity share, including selling and dividing proceeds or arranging a buyout. Consider financing routes, refinancing, or using retirement accounts to fund a buyout. Consult financial planners, lawyers, or certified divorce lending professionals to model scenarios and determine mortgage or refinance feasibility.

Read at SFGATE