If you own a home, it is important to have all your mortgage and real estate property tax documentation. This information shows how much has been paid into the home, the amount of equity and the payoff amount. The gathered information will help you decide if you will be keeping the home after the divorce.
To find out what you paid in property tax on your home, complete a 1098 tax document. This document will show what mortgage interest you have paid in the past year and how much real estate taxes your lender has paid through your escrow account.
If you decide to keep the house, you will need to work with your Certified Financial Advisor to calculate if will you be able to afford the upkeep, property tax and homeowners insurance. If you can’t, you should contact a local real estate agent for a Comparative Market Analysis (CMA). A CMA will show you how much your home is worth compared to other homes that are of a similar model, age and condition. This will help you to determine the current market value of your property.