I’m Getting Divorced: Should I Keep The House Or Sell It?

For many married couples their greatest asset is the house they own. In a divorce, you may have the option to “buy-out” your spouse and therefore keep the house, or you can sell the house. In order to evaluate whether you should keep the house (that is buy-out your spouse) or sell it, here are a few things you need to keep in mind.

Do you have the funds to buy-out your spouse? If you don’t have the funds to buy-out your spouse, then the question of whether to keep or sell, may be a moot point. Similarly, if you have the funds, but, it by buying out your spouse, it will leave you “cash-poor”, it may not be a good idea to use your available funds to buy out your spouse.

  • Do you have the funds for any repairs or emergencies? Even if you have enough funds to buy-out your spouse, you also should have enough funds in reserve for any repairs or emergencies that may occur in the future.
  • If you need to obtain a mortgage to buy-out your spouse, can you afford the mortgage? You may qualify for a mortgage, but, that does not necessarily mean that you can actually afford to pay the mortgage ever month. Or if you pay the mortgage, you will have very little left over for any other funds.
  • Is a smaller home or a less expensive home a better idea? It may be better to sell the home and then buy a less expensive home. It is at least worth thinking about.
  • Are you only keeping the house for sentimental reasons? You may love the house and you may want to stay for sentimental reasons. Yet, it may be better to sell the house, despite its sentimental value.

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Protecting Your Finances and Identity in a Divorce

You already know that you need to protect yourself from identity theft. This advice is doubly important when you are getting divorced, as unfortunately, too many times a revengeful or unscrupulous spouse will take advantage of you and either commit identity theft or financial fraud on your accounts.

All too often, when one spouse learns that you are thinking of filing for a divorce, they will go a spending spree, sticking you with a large debt. Even after a divorce is filed, your spouse may improperly use your credit cards or open up new loans in your names.

It is very important to protect yourself from your soon-to-be ex-spouse. Here is what you should do (and you should also consult with your attorney):

  • Get Identity Protection. There are many companies that offer identity protection. For a small fee, they will implement identity protection to help prevent your spouse from taking out credit cards in your name or opening up loans in your name.
  • Obtain your free credit report. You should be able to obtain a free credit report from one (or more) of the three credit reporting companies.
  • Freeze your Credit Cards and Credit Reports. After you get your free credit report, you can then put a freeze on your credit reports and/or your credit cards. By placing a freeze on your credit report, this should prevent your spouse from obtaining new loans or new credit cards that would require a credit report to be run.
  • Notify your existing credit card companies. With your credit report, you can notify your credit card companies and other creditors, by writing to them, that you will not be liable for any debts after the date of your letter. You don’t need to cancel your credit cards, you can simply freeze them or put them in inactive status.
  • Alert your creditors of any fraudulent activity. If you see any fraudulent or suspicious activity on your credit report or on any future credit card statements, you must immediately notify and alert your creditors.
  • Keep track of your credit cards. Before and during your divorce, it is important to keep track of your credit card statements.

If you are thinking of getting divorced, or you are in the middle of a divorce, it is very important to make sure that your spouse does not commit fraud or improperly use your credit cards.

If you need excellent legal representation for your divorce, call David Badanes and the Badanes Law Office, P.C. . David Badanes has represented and helped countless clients in their divorce and making sure that they are not the victim of identity theft. Cal David Badanes and the Badanes Law Office at 631-239-1702, email at david@dbnylaw.com or visit our web site: www.dbnylaw.com. The Badanes Law Office has offices in Suffolk County (Northport) and in Nassau County (Uniondale, across from the Nassau Coliseum).

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