The process of getting divorced or separated can be less stressful if you have a good plan.  First Equity can help you structure a plan that can help you move forward.

Have a Good Plan                           

The decision to separate from or divorce your spouse begins the process of making other decisions that will profoundly affect your financial life.  First Equity would like to assist you in making sound decisions regarding:

Housing and Mortgage Financing

Your home is most likely your largest financial asset.   In considering if either party will live in the marital home after separation or divorce, consider who can afford to make the monthly payment and continue to maintain the home.

Even if you "love" the house and want to stay, it will become a burden if you cannot manage the financial commitment.  If it is necessary to downsize after your divorce, to help determine your price range for a new home, consider the following:

Income from child support and alimony can be counted toward qualifying income if the payments have begun and they are payroll deducted.  The payments must  continue for at least 3 years to be considered. 

If you will be paying child support or alimony, this will be counted toward your debt, which may reduce the house payment for which you can qualify.

Debt Management

It is important to refinance jointly held obligations so that each party becomes responsible for their own debt management.  Credit cards, car payments, personal loans and mortgages should be immediately refinanced to remove the non-responsible party from liability.

If debt was incurred during the marriage, cashing in on equity in the home may be an equitable way to pay off or reduce the debt.  Each party can then move forward without the burden of unmanageable debt.

How to Get Started

1.  Call First Equity at 1-800-557-0270 and schedule an appointment.  We can meet with you and your financial advisor if you wish.

2.  Bring a list of all debts, individual or joint.  We will provide a detailed credit analysis which will include recommendations and error report.

3.  Bring a recent pay check stub and W2 form; or tax return if you are self employed. 

4.  Bring a list of all assets, including bank accounts, investments and real estate.

When you apply for mortgage financing with First Equity, all personal information is treated with the utmost confidentiality.  We respect your privacy and will not disclose personal information to your spouse, your spouse's attorney or anyone not involved in approving or closing your loan.