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This comes into play when dealing with “equitable distribution of assets and liabilities.” For example, if you and your spouse own your house together (you’re both on the deed and mortgage), shortly after the divorce is commenced, your house will likely need to be appraised for its “fair market value” at some point during the divorce process. Once the value is assessed, the outstanding mortgages and loans on the property are deducted from that figure to determine the amount of equity remaining in the home. The couple then has to make a decision: Should one party buy out the other’s share of the home’s equity (through refinancing or otherwise), or should the house be listed on the market for sale to pay off the mortgage and split the proceeds? Before even filing for divorce, Gefen says a couple should consider how comfortable they are with the housing market at the time. If you’re buying out your spouse’s share, your spouse’s attorney would insist he or she be removed from the mortgage — and one way to do that is to refinance the mortgage in your own name. In that case you’ll want to consider interest rates and whether it’s a good time to refinance. If you think your spouse will want to “force a sale” of the house and you know it’s not a good seller’s market now, it may be worthwhile to wait to file for divorce, assuming no other circumstances are preventing you from waiting, Gefen says. “The laws allow for one bite at the apple in divorce,” she says. Likewise, if you know your spouse is due for a bonus or other windfall in the next few months, and you think you could stick it out for a bit longer, you may strategically want to put off initiating the divorce to ensure that future asset will be deemed “marital” and subject to equitable distribution, says Gefen. Lawyers get paid by the hour, and one surefire way of racking up bills is to spend too much time venting.
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