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What to do with a home in a divorce

Many divorcing couples are fixated on their marital homes. While some spouses want to keep their homes, others are intent on selling and keeping the profits. For Ohio couples who are thinking about divorce, what to do with the marital home might become a source of conflict.

Whether a spouse wants to keep the marital home by refinancing and buying out the other spouse or selling it and buying a new home with their portion of the sales profit, experts advise being prepared. Usually, banks will look at income, assets, credit score and debt-to-income ratio. If alimony payments are included, banks usually want to see at least six months of alimony paid before they can include the amount in their calculations. Work history and conditions will also be analyzed. For example, if a previously non-working spouse begins working part-time after divorce, a bank will usually want to see their income tax returns for two years before considering the income stable.

If an ex spouse is looking to buy a new home, an important question is whether they have cash set apart for a down payment. For those who want to keep their home, the question might rest with whether their ex is willing to delay the sale while the logistics of a refinanced mortgage is worked out. In either case, there might be concerns about income being enough to qualify for a new mortgage post-divorce.

A person who is divorcing might find the guidance of a lawyer to be beneficial. A family law lawyer could help the client negotiate a settlement that is fair and balanced.

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