When discussing the family home while divorcing, it is important to be transparent and open to discussion. One of you may want to stay in your home, while the other wants to sell.

Often, couples will bring in a financial neutral professional to help them make an amicable decision on how to move forward with the home and what makes financial sense in the long term after the divorce agreement has been finalized.

Here are some things we suggest couples consider when they are working on an agreement for the family home:

Refinancing your home can have a lasting impact on your financial landscape. Before committing to refinancing, make sure you have looked at and considered all the moving parts of your financial future.

We often see an ex-partner refinancing the home to remove the other partner from the mortgage. This can lessen future issues regarding shared ownership of the property.

When you utilize the collaborative divorce or mediation process, you can make informed decisions about your assets, including your home and property.

Another plus for refinancing is that it can help develop credit and financial independence once your divorce agreement has been finalized.

If you are refinancing your home post-divorce, discuss with a financial neutral how you can lower your interest rate and closing fees when refinancing.

In the end, refinancing your home after divorce can offer financial clarity, independence, and a fresh start. But, when it is done hastily and without financial professionals, it can be disastrous.

At Peace Talks, our team of experts focuses solely on mediating family law conflicts. We are a full-service mediation firm specializing in helping people in Southern California settle their divorce in a sane and sensible manner.

We begin by helping you to articulate your financial needs, concerns, and objectives. Then, we help you identify accurate values for your assets, debts, income streams and expenses.

Contact us today to see how we can help you navigate your finances in a civil, cooperative environment!

Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.