Money

2 posts

Divorce Gavel

The Financial Impact of Going Through a Divorce With Kids

 These days, it is not uncommon to see unhappy couples staying together because of the kids. There are many reasons why a lot of people choose to live their lives this way. They may not want to go through the mess of a divorce and the psychological effect it will have on the kids. Without a doubt, divorce is really daunting. Think about how the kids would have to be passed to the other parent on schedule. Co-parenting after a divorce is definitely challenging. A lot of parents are concerned about its effects on the children’s growth and development. Many also worry about the financial impact that goes along with it even more. Child support can pose serious financial issues, and these issues are enough to keep couples together despite mutual dissatisfaction in their marriage.   Financial Impact on Relationships   Many researchers have conducted various interviews and studies addressing this issue. One particular study focused on the relationship between finances, children and relationships. According to the results, 14% of the respondents of the research divulged that they chose to stay in an unhappy relationship because it was more practical. For obvious reasons, when children are in the picture, money concerns are heightened some more. Most parents […]

Divorce Gavel

 Divorcing Your Mortgage

Many of the divorce cases nowadays are caused by financial issues. It doesn’t come as a surprise when after post-divorce couples fall behind mortgage and face foreclosure. Foreclosure is enough of a headache as it is. When it is complicated by issues pertinent to divorce, it can be more difficult to manage. When a couple gets a divorce, it is not an uncommon move to transfer the interest for the house to the other spouse. Usually, they do this thinking that this will place the responsibility for the mortgage completely on the other spouse. However, it just doesn’t work that way. When the mortgage is originally listed under both names, both spouses are responsible in making sure the mortgage gets paid. Even if you transfer the property to your ex, the bank won’t care about that. All the bank cares about is getting the mortgage paid off. Transferring the house to your spouse might even become a bigger financial burden. If your ex would let the mortgage go unpaid after the transfer, and it won’t be just his/her credit that would be affected, but yours as well. There is even a possibility that you would face a deficiency judgement. A […]