Maine Divorce Law Blog

Waiting to get divorced....

Alison Hinson suggested this link for me. It’s a Wall Street Journal article about spouses waiting until the economy improves before they file for divorce.

This makes sense for folks strapped financially. I’d argue that in some instances though — especially for the major bread winner — it may make more financial sense to file now. After all, if you have to share your assets with your spouse because of divorce, don’t you want a lower retirement amount and value on your home? After all, that means you share less.

Just a thought.

 

Divorce and a House Underwater

Gabriel Cheong, a lawyer in Massachusetts, has a good blog post about the options for divorcing couples when their house is underwater (or in other words, worth less than the amount owed on the mortgage).

He describes (in greater detail than here) 6 options:

1) Live there together until one can afford to move out or refinance.

2) Continue to own the house with one person living there.

3) Refinance.

4) Short sale.

5) Foreclosure.

6) Work with your lender to modify your mortgage.

Another option is for both parties to file for bankruptcy. This would in all likelihood be very messy but if saving your house is a priority, it might be possible under certain situations. You should consult with a bankruptcy lawyer to see if this might be helpful for you.

The other idea that comes to mind, of couse, is to dismiss your divorce or not file for divorce until you can get your home situation straightened out.

Clearly, none of these are ideal choices.

Check out Gabriel’s blog at Massachusetts Divorce and Wills Lawyer for more helpful ideas.

Maine Divorce Law Blog Is Tops

This blog was recently featured as one of the top family law blogs on-line by the website prenuptialagreement.org.  Check it out here.

It’s an honor to be mentioned with the other highly informative sites!