Covid-19, Divorce, and the Importance of Pre-Planning

Covid-19, Divorce, and the Importance of Pre-Planning

Have you noticed that many items on your divorce “to do” list take longer to accomplish since the pandemic started? That is because major companies, such as mortgage companies, are all operating with skeletal staffing, which makes everything take longer. Often, key employees at these companies have been furloughed or terminated, which makes finding answers more challenging.

It is more than difficult to get divorced and split your assets under normal circumstances. The argument for pre-planning is more important now than ever.

For example, let’s look at obtaining pre-approval from a mortgage lender for an equity buy-out of the other spouse’s equity in real property. No one ever thought this was possible, yet experienced divorce attorneys are giving this advice to their clients, along with the names of experienced mortgage lenders who specialize in assisting divorcing families.

Consider the use of a certified divorce lending professional at the early stages of the divorce process to evaluate the right time to offer a buyout of the other spouse’s equity.

Combining the talents and experience of both an experienced divorce attorney and a skilled certified divorce lending professional will serve your best financial interests before and during the divorce process.

Occasionally, this can get even more complicated. One example is when parties have an existing assumable mortgage. That makes taking one spouse’s name off of the mortgage easier, except that the mortgage company has to prepare and approve the documents. During the pandemic, that department might not be working, so it could take months for that process to become final.

Additionally, in order to obtain the buyout, the spouse staying in the home may have to obtain an additional mortgage or home equity line of credit in order to buy out the interest of the other spouse. That takes time, as well.

By placing yourself in the hands of an experienced divorce attorney early on – one who knows how to get these things done – you can stay ahead of the curve and resolve complex financial issues within your divorce earlier, so that you can move on with your life.

SIEGELLAW can help you. Call us at 410-792-2300 or fill out the form on this page for additional information.