Divorce Resources of Colorado Springs

  When a marriage ends, the home often becomes one of the most important pieces of the puzzle. It is more than just a building. It is where memories were made, and it is also a major financial asset. Deciding what to do with it can be one of the toughest parts of a divorce. If you are a homeowner in Colorado Springs, understanding your options and the process can make this part of the journey less stressful and more manageable. Step 1: Know the Common Options for the Home Most divorcing couples end up with one of these three outcomes: Selling the home and dividing the proceeds One spouse keeping the home and refinancing into their own name Renting out the home temporarily The right choice depends on your finances, the housing market, and your long-term plans. It can help to write out the pros and cons of each option before making a final decision. Step 2: Understand Why an Accurate Valuation is Important The value of your home plays a big role in how assets are divided. Having a ne...

When divorce involves real estate, one of the biggest financial challenges is removing one spouse’s name from the mortgage . This step is essential to protect credit and future borrowing power.  Many people think signing a quitclaim deed is enough — but it’s not. Ownership (title) and mortgage liability are two separate things . If your name is still on the mortgage, you’re still legally responsible for the debt, even if you no longer own the home. In divorce lending, there are three main ways this can be handled: 1. VA and FHA Release of Liability  For government-backed loans like VA and FHA , a release of liability may be possible without refinancing the entire loan. VA Release of Liability If the remaining borrower can qualify on their own, the VA may approve a substitution of entitlement or release of liability . This removes the departing spouse from mortgage responsibility. For VA loans, a veteran’s entitlement may still be tied up unless the person assuming ...

If you’re going through a divorce – or think you might be soon – it’s helpful to understand how divorce  . and money works.  A divorce is an emotional life event. Doing what’s best for minor children should always be the first priority. And once parenting has been decided, the financial issues are ideally addressed as a business deal. A financial settlement should be fair, not a retribution to your ex-spouse. When it comes to assets and debts, which is called property in the family law arena, Colorado is an equitable distribution state. Equitable doesn’t mean equal, it means fair, so a division of property is intended to be divided in a fair manner. The spouse who has been the primary earner in the marriage or managed the family finances may feel like it’s fair that they get the majority of the property. But what’s generally considered fair by objective parties is that the spouse who hasn’t earned as much during the marriage is more likely to need more of the property than the...