How To Handle Debt In Palm Beach County Divorces

By Robin Roshkind, Esquire, West Palm Beach, Florida

There are many forms of marital debt:  credit cards, mortgages, car loans, home equity lines of credit, business debt, and loans from parents and others.

It can be a complex exercise to equitably divide up the marital debt.  What if the couple have been living separate and apart for two y ears?  What if the marital home is under water in terms of loan to value?  What if one car is paid for and the other is not?

There are many issues involving debt and divorce.  The best advice I can give you is to know what your financial situation is and then consult with one of the divorce lawyers at ROBIN ROSHKIND, P.A. on how to resolve the debt issues in a divorce situation.  Call for a consultation at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com for more information.

Advertisements

Three Or More Things To Do With The Marital Home In Divorce

By Robin Roshkind, Esquire

You generally have three options for the marital home, if you are getting divorced.  But there are some other things you can agree to with your spouse regarding the house.   Here are some options I use for my Palm Beach County clients who own homes here:

Options 1 and 2.    If the home has any equity at all, either you buy out your spouse (at a bargain rate these days) and then refinance to get your spouse removed from the mortgage, OR your spouse buys you out and refinances to get your name off the mortgage.  Either way, one of you keeps the home totally releasing the other.

Option 3.  You get divorced and stay real estate partners with your X.  One of you can live there and pay the mortgage on behalf of both and get a credit at the back end years later, when you both agree to sell.

Option 4.  You are getting divorced and you both list the home for sale.  You split any net proceeds.

Option 5.  You are getting divorced, your spouse has moved out and on, and you just live in the home until the bank takes it away in foreclosure.

Option 6.  You are getting divorced and both of you cooperate to do a short sale.

Option 7.  One of you lives in the home with the minor children until they go to college.  The other splits all mortgage payments, taxes, insurance.  The resident spouse pay maintenance and utilities.

Option 8.  You both live in the home until it goes into foreclosure.

Option 9.  You both move out and on and rent the house out to a third party.  The rental should cover all your expenses and if there is any profit it is split.

I am sure you can get more creative with sale and leaseback situations or other good ideas, but these are the most common given todays real estate market in Palm Beach County.   For more information call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com  for more information.

Marital Liabilities You Might Not Know About

By Robin Roshkind, Esquire, West Palm Beach, Florida

Your spouse may be getting you deeper into debt without your knowledge or permission!  You know about your mortgage, your HELOC, college tuition and the like.  But what you may not know can be harmful to your personal financial health.

Below is a partial list of some of the things you may be liable for without even knowing it:

1.  Your husband or wife purchased a new car on your good credit.

2.  Your spouse may be stockpiling things like socks, underwear, tennis outfits, shoes, running up department store bills on department store credit cards.

3.  Your husband or wife booked a vacation on your Amex or other card.

4.   Your husband or wife took and apartment and is furnishing it on your good credit.

5.  Your husband or wife is supporting a girlfriend/boyfriend, mother/father, or grown kids from another marriage.

6.   Your spouse may be secretly sending money out of the country to support extended family members.

These are just a few of many examples of marital debt you may be incurring without your knowledge and permission.  In divorce cases, it is important for your lawyer to ask the right questions to uncover the unknown.  If you are thinking about getting a divorce in Palm Beach County, Florida, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at http://www.familylawwpb.com  for more information.

Domestic Violence Is Serious

By Robin Roshkind, Esquire, West Palm Beach, Florida

In the times we live in, with unemployment, foreclosures and short sales, bad credit, maxed out credit cards, lowered credit, and higher taxes, families are experienced an all time high level of financial stress.  Discussions in the home are often about money, or rather the lack of it, how to spend or not spend what is left, and who gets how much.  Household bills are mounting.  It is no wonder that tempers flare.

Domestic violence is on the rise.  Calls to Florida’s domestic violence centers are up 40% from 2008 to 2009. In Palm Beach County in the past year, calls for help have increased by 27%. 

Domestic violence is a misdemeanor crime punishable by up to one year in prison.  If convicted by the court, this crime stays on your record without possibility of it being erased, sealed or expunged.  In criminal background checks performed by current or prospective employers, your record will be found out.  This could affect your job. For non US citizens, this could mean being deported.

Pushing, choking, hitting, throwing things, or hurting your spouse or significant other in any way can result in a domestic violence claim.  Sex without consent is rape even if between married people.  The victim should immediately call police, press charges and get a copy of the police report.  He/she should also go apply for a restraining order at the State Attorneys Office citing immediate fear of immenent harm. 

Some other considerations are as follows:  was the harm caused by self defense?  Was there a false accusation for monetary gain?  Are there witnesses?

If you are the victim of domestic violence, or if you are falsely accused, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at www.familylawwpb for more information.

Keep Divorce Decree With Important Papers

By Robin Roshkind, Esquire, West Palm Beach, Florida

There are many instances in life where we have to be prepared to provide important documents like tax returns, proof of income,  health history, credit scores and the like, for purposes of applications for various things we may need.  One of those important documents is your final judgment of divorce.

Your divorce decree may be required for the following:

1.  Transfer of retirement plans from your ex to you.

2.   Purchase of a new car.

3.  Purchase of a new home.

4  Changing your name on driver’s license and passport.

5. Changing your name on bank accounts.

6.  Application for life insurance.

7.  Transfer of real property.

8.   Change of beneficiary.

9.  Modification of alimony or child support.

10.  Valuation of antiques, artwork etc.

11.  Loan applications.

So keep your divorce decree in a safe and accessible place, because chances are you are going to need it.  You may even need a copy of your divorce decree to be certified as true and correct by the court.  For more information about this or other divorce topics, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at www.familylawwpb.com for more information.

Should You Just Let The House Go?

By Robin Roshkind, Esquire, West Palm Beach, Florida

Many of my divorcing couples are facing the real estate market with marital homes that are under water…the mortgage owed is more than the home is worth at fair market value at today’s prices.  What to do?

Refinancing is one option.  The spouse who wants to remain in the home refinances, if she or he qualifies, and gets the other spouse’ name off the mortgage.  The other spouse simulaneously quit claim deeds the home to the refinancing spouse.  No money is exchanged if the home is  under water.  If the home has equity, the refinancing spouse buys out the other spouse with a bargain basement check at closing. 

Mortgage modification is another option.  Both husband and wife need to speak to the lender for a mortgage modification.  They are both stuck on the note until the home sells, even after the divorce is final, but at least it is more affordable until then.

Foreclosure is another option.  Now because there are so many foreclosures, it takes so long to be evicted, you can live mortgage payment free for almost a year or sometimes even longer.   This is an option many divorcing couples are choosing.  Just know that it ruins any good credit you may have and that has ramifications long term.

For more ideas about what to do with the marital home during divorce in Palm Beach County, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561 835 9091 or click on the Firm’s web site at www.familylawwpb.com.

Marital Homes Cause Problems In Divorce

By Robin Roshkind, Esquire, West Palm Beach, Florida

It used to be that divorcing couples would fight over who would get the parties’ biggest asset, the marital home.  With today’s economy, now couples are fighting over who won’t get the marital home.  This is because the house is worth less than what is owed on it.  In other words, the marital home is under water.

If both names are on the mortgage, both the husband and the wife will suffer.  Should the house go into foreclosure both parties lose good credit.  If one of the spouses stay there, he/she is paying more than the home is worth.  And the other spouse cannot get his/her name off the mortgage in order to buy another home.   I have seen this cripple the departing spouse who wants to get on with his/her life.

Until the real estate market improves, everyone will suffer the consequences of a bad real estate market.  The best you can hope for is an amicable settlement and let it play out if one of the spouses can eventually refinance.

If you are thinking about divorce and live in Palm Beach County, Florida, call one of the divorce lawyers at ROBIN ROSHKIND, P.A. at 561-835-9091 or click on the Firm’s web site at www.familylawwpb.com.