Deciding who keeps the house, if the house can be kept at all, or if it needs to be sold then when does it need to be listed for sale? Do we do this pre or post separation?
Building your networth statement according to what needs to happen for the purposes of divorce/separation is a complex task, but it is your best place to start. The right professional can walk you through this step by providing you with options, but only after all of the necessary financial disclosure has been gathered. It’s not only good enough to be able to afford the mortgage, but until you know if or what the equalization payment required to be paid between you and your spouse is, you won’t know if keeping the home is viable.
After 11 years in this industry it’s still a common statement for me to hear “I just want to keep the home so the kids have some stability,” but if keeping the home leaves either of you financially strapped (house poor), then what quality of life will you have and how much stress will that put on you and your kids in the end? Instead, take a methodical approach by not jumping to a conclusion until you get some accurate education about the big picture before you set your heart on keeping the home or jumping ahead to say “there’s no way I’ll be able to keep it.”
The process of divorce/separation means not only choosing a process that results in a fair agreement, but it also means being connected to other service providers during the process such as; mortgage brokers, realtors, financial advisors, lawyers, counselors, etc. to make sure you’re starting over on the right foot.
I’m always happy to share my connections via the service providers that I’ve aligned myself over my years and who I trust will treat my clients with the utmost professionalism to ensure a fluent process.