17 - Should I Take or Leave the Marital Residence with Tami Wollensak, CDLP

Show Notes for Episode: 17 - Navigating the Marital Home During Divorce with Tami Wollensak, CDLP

Host: Melissa Farag, Family Law Mediator and Recovering Divorce Litigator
Guest: Tami Wollensak, Certified Divorce Lending Professional (CDLP)

Podcast: High Vibe Divorce

Episode Summary:

In this episode, Melissa speaks with Tami Wollensak, a Certified Divorce Lending Professional (CDLP), about the often complicated issue of what to do with the marital residence during a divorce. Tammy shares her personal experience with divorce, offering practical advice for those considering keeping, selling, or refinancing their home. The conversation covers everything from managing emotional attachment to the marital residence to understanding mortgage assumptions and the financial realities of post-divorce life.

Key Takeaways:

• Affirmation of the Day: "Just relax and release and deal only with what's left in front of you. You do not need to worry about the rest."
• Key Considerations for the Marital Residence:
  • Understand Your Financial Situation: Before deciding to keep the marital home, assess if it’s financially feasible. This includes considering not just the mortgage but also other costs such as maintenance and repairs.
  • Early Planning is Critical: Speak with a Certified Divorce Lending Professional (CDLP) as early as possible to understand your financial options regarding the home, especially if you need to refinance or assume the mortgage.
  • Don’t Rely on Your Attorney for Financial Advice: While attorneys are helpful in legal matters, it's essential to consult the right professionals (like a CDLP) for financial guidance during your divorce.
• Mortgage Assumptions:
  • Mortgage Assumption in Divorce: Some loans may be assumable in a divorce due to life-changing circumstances, allowing you to keep the current mortgage terms. However, the process can take 6–8 months, and it requires careful planning.
  • Start Early: The mortgage assumption process can only begin after the divorce is finalized, so it's important to begin discussions early in the divorce process.
  • Releasing Liability: It’s crucial to release the other spouse from the mortgage liability if one party is keeping the home.
• Importance of Credit Maintenance:
  • Protect Your Credit: Keep making your mortgage payments during the divorce process to avoid damaging your credit and limiting future financial options.
  • Monitoring Your Credit: Check your credit regularly and ensure no new liabilities are being added without your knowledge, especially during a divorce.

Practical Tips:

1. Consult Early: Work with a Certified Divorce Lending Professional (CDLP) to determine whether keeping the marital home is a viable financial option.
2. Separate Emotion from Finances: Understand that keeping the home may not always be the best financial decision, even if it feels emotionally important.
3. Assume or Refinance: Learn about mortgage assumption options and consider whether refinancing or selling the home might be a better solution.
4. Protect Your Credit: Maintain your mortgage payments and monitor your credit to keep your financial options open.

Resources Mentioned:

• Tami Wollensak’s Website: TakeOrLeaveTheHouse.com
• Consultation with Tami: Tami offers free consultations for those navigating the home-related aspects of divorce.

Connect with Tammi Wollensak:

• Website: TakeOrLeaveTheHouse.com
• Instagram: Follow Tami for helpful advice and a touch of humor on all things divorce and home-related. https://www.instagram.com/tamiwollensakcdlp/ 

Connect with Melissa:

• Website: High Vibe Mediation
• Instagram: @highvibedivorce

Closing Affirmation:

"Just relax and release and deal only with what's left in front of you. You do not need to worry about the rest."

If you found this episode helpful, please subscribe, leave a review, and share it with a friend going through a similar experience. Divorce can feel isolating, but you don’t have to go through it alone. Let’s keep the conversation going and support each other. Until next time, keep the vibes high and the conflict low!