In some divorce situations, there may be an existing family home. Your attorney will advise you on the laws about the home and there are many variations that go into the dynamics of how this will be handled in the divorce.
The financial planner can look at each scenario, such as if you bought the home from your spouse. If you assume the mortgage, will you able to qualify for the mortgage and refinance the home into your name alone?
Your financial advisor may recommend you consulting a mortgage advisor. There many rules with underwriting, and rules that have changed of the years; and some that are constantly changing, a mortgage advisor will assist you with the most up to date rules for approval if you decide to move forward to purchase the family home or another home.
If you wanted to rent the home post-divorce, you will need to understand the rental costs, such as renter’s insurance and required upkeep by the renter.
By looking at all these different scenarios, this will help your financial advisor assist with your post-divorce budget and cashflow.