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Article 2: The implications of
divorce on mortgage financing
By: Lori T. Williams, Esq.
I interviewed David Keblaitis, Owner of Home Funding
Group, about how divorce impacts a borrower's mortgage financing.
"Often the person keeping the home is mandated by the
divorce decree to refinance the marital home to remove the other
party from the current mortgage," says Keblaitis.
"This can be problematic when the home is under water and
there isn't sufficient equity to refinance the home."
However, there are solutions available and Keblaitis believes
in finding the right mortgage product for each client's needs.
(Click here for full article)
______________________________
Did
you know....
By: Lori
T. Williams, Esq.
Family law attorneys focus on
different things in their practice. Some handle divorce and
paternity matters, while others prefer to handle custody cases or
adoptions. Other family law attorneys focus on juvenile matters, or
abuse and neglect cases. Some divorce attorneys only handle
uncontested divorces, while others handle all types of divorce.
Collaborative Divorce
is a relatively new type of divorce in Michigan, dating back to 2004.
It is a process involving the married couple and two
collaborative law trained attorneys who work together to resolve all
issues concerning property, debts, alimony, child support, and
custody and then file the paperwork with the Court to finalize the
divorce. These cases don't require a Judge's decision to
resolve disputes, because all issues have been addressed and resolved
amicably between the parties and their attorneys. A collaborative
trained financial advisor (to help with financial issues) and mental
health professional (called a divorce coach, to help with custody or
parenting time issues) can be brought into the process, as needed.
The final decree signed by the Court in a traditional divorce
and a collaborative divorce is called a Judgment of Divorce.
A Legal Separation, or Separate
Maintenance Action as they are known in Michigan, is a way
for a married couple to stay married yet live separately. Division of
assets and debts, payment of alimony and/or child support, and issues
of custody and parenting time are addressed in the final Judgment,
much like in a divorce action. Some couples choose this option
for religious reasons. Or if one of them is elderly and/or in
poor health, it might make sense to stay married to preserve the
insurance as a married couple. Whereas, the maximum health
insurance allowed through COBRA is 3 years from the entry of the
Judgment of Divorce.
An annulment is a legal
action that declares the marriage void, and treats it as though it
never happened. These cases are rare because they have to
allege and prove fraud or duress by one of the parties to induce the
other party into marriage, and the petition for annulment must be
filed before the parties consummate the marriage. There are
additionalr grounds for annulment, as stated in the Michigan Compiled
Laws.
Pre-nuptial agreements (known
as ante-nuptial agreements in Michigan) are marriage contracts
entered into prior to marriage. They are valid if entered into
knowingly, willingly, and with adequate and separate counsel for each
party. These agreements address how assets would be divided in
the event of a divorce. These are fairly common in second (or
subsequent) marriages, especially if there are children involved from
prior relationships. They are also common when substantial
assets belong to one or both of the parties getting married.
Some couples enter into post-nuptial agreements, for the same
reasons, soon after the marriage to preserve assets in the event of a
divorce.
Fees vary for these various agreements and processes and
it is advisable to work with an experienced family law attorney who
is very familiar with the process you are seeking.
If you need an experienced family
law attorney to advise you of your legal rights, call me for a
referral. As a 22 year attorney, who
owned a family law practice for 14 years, I take the guess work out
of hiring a legal professional, because I connect you with the right
specialist for your situation. Call me today for a free
referral at 248-594-4470.
____________________
Most people know when they need an attorney, and they
might even know an attorney or two. Yet, often they don't
know how to find the right attorney for their situation.
75%
of Americans hire an attorney recommended by their
family.
65%
of them are unhappy with the services that attorney provided.
Don't
you deserve better Odds than that?
Attorney Lori Williams has put together a large network
of lawyers she personally knows and has worked with over the past
20 years, who are located throughout Metro Detroit, and are
ready to serve you. Each lawyer has experience (10-30 years) in
their particular area of law, and will handle your legal issues
promptly, professionally and affordably. You'll receive
a FREE referral to the right attorney for you, whether it be for
personal legal services as an individual, or for your small
business.
Our
team of specialists cover all the areas of law in Metro Detroit,
including:
-Family
Law (divorce/custody/support, etc.);
-Bankruptcy;
-Employment Law;
-Real
Estate (including Foreclosures/Loan Modifications/Landlord Tenant
matters);
-Business
Law (Set up a corporation or LLC; protect
intellectual property through patents, trademarks, copyrights;
draft/review contracts or operating agreements or licensing
agreements for your business; tax planning, etc.);
-Estate
Planning and Succession planning (wills/trusts/powers of attorney;
buy sell agreements);
-Personal Injury;
-Workers
Compensation;
-Social
Security Disability;
-Malpractice;
-Criminal
matters;
-Etc.
Call today for a free consultation and referral
and get
the legal help you need!
248-594-4470
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