Ok, so you never thought a Colorado divorce was in your immediate future. Perhaps it isn’t (yet) or maybe you are reading this and have a friend or family member that springs to mind.
Facing a separation and staring down the barrel of a Colorado divorce is not easy. How do you protect yourself and your assets? Where do you start? – By amassing a support team, identifying major changes that need to happen, prioritizing them and delegating to those people who are going to help you keep moving forward.
5 Things to consider when your Colorado divorce involves real estate:
1. BEFORE filing for divorce in Colorado, ask yourself if you or your spouse are wanting to purchase Colorado real estate:
Are you in business together? Self employed?
Call your lender (or call me and I will put you in touch with an excellent one). There is a good chance that an underwriter, upon getting wind of your Colorado divorce, will have questions as to who earned the money in your business. If you cannot prove how much of it was you, the underwriter may have to assume your spouse was the earner in your relationship. This may affect your qualification for your next real estate purchase.
This is not my area of expertise, but I have personally been through this and I can tell you that good, timely advice is worth its weight in gold. It also reduces long term stress – trust me – also worth it! Working with your (ex)spouse for the greater good of both of you, is a win-win… and a salute to the relationship as it winds down.
2. Selling real estate during or post Colorado divorce:
Identify a Realtor to help from the beginning.
Let’s not underestimate the emotional burden a divorce delivers. Couple that with the energy required to sell a property on a good day and I’m exhausted just thinking about it! Who wouldn’t benefit from a Realtor with experience in divorce situations. Yes, I’ve been there… And so have many of my clients. Better days are ahead and while difficult to believe it now, this could be the new beginning that you deserve.
What can I do to help?
- Offer you support without judgement.
- Be that neutral party that you and your (ex)spouse can rely on to get the job done as quickly and painlessly as possible.
- Provide the analysis and experience required to value, present and market the property for the best sale price from the most qualified buyer, in the shortest time.
- Keep your personal situation confidential and your understandable meltdowns, just between us. 🙂
- If it helps, I meet with clients separately. Documents can be signed separately and selling-related tasks can be divided up fairly. Whatever works best for you.
- Communication between parties in even the most amicable divorce can be at times, strained. I’m OK with facilitating and helping where appropriate and wanted.
- We can work out times and dates for contract deadlines so that both parties get their needs met. Closing can be conducted together or in separate rooms, on different dates or at different times. Even remotely, from out of state! What is easiest for you during this transition?
- In my experience, if a marital property is sold prior to the final divorce settlement, we can arrange for all seller funds to be held in a third party escrow account (EG: Lawyer).
3. Post Colorado divorce real estate replacement:
Consider this; You may have moved into a rental situation during the separation. Let’s work with the existing lease to get as little overlap (paying for two places at the same time) as possible. Check your lease for length of notice needed for vacating and also the lease end date.
At this time in your life, you may feel like taking advantage of the forced move to; Downsize, change school districts, move closer to work or family. Your qualification for buying Colorado real estate is now different from when you were part of a married couple. Has your lender taken into account child support or marital support income/commitments? Marital assets and debts being moved into different names? Don’t forget health insurance, cell phone bills etc that were once on family plans.
Lastly, we will need to take into account dates and deadlines pertaining to the sale of the existing property and any other commitments you have.
4. How can your Realtor help you mentally get through real estate transactions before, during or after divorce?
By listening to your needs. They may be a moving target, and that’s OK too! It’s important to communicate your anxieties (we all have them) and your priorities, on a regular basis. It’s just as important to choose a Realtor who encourages this, listens well, can empathize but not get distracted and take their eyes off the target when you do.
Divorce is fraught with emotional and financial complications. You need someone who can understand the sensitivity of the situation, who is ready for any problem and brings a positive attitude to the table.
The process might start with official divorce paperwork or you may want to take stock of assets such as real estate first (Contact Me for an opinion of value) but there is a good chance it will end with mediation and you or your kids could benefit from a therapist too. Need a good referral for these services? I can help!
5. Divorce in many ways, is an opportunity for a new beginning.
Before that new beginning, there is loss and grief and a whole host of other real and very powerful emotions that require attention. Moving forward in a healthy way is a worthwhile goal and often requires closing the door on some aspect of your past, before a new chapter can begin.
There is nothing more satisfying for me than watching someone push through hardship and realize goals or their potential. To witness new beginnings and watch hope, joy and relief bloom into discovery, success and confidence.
Take back your LIFE
Live to your fullest potential
It’s my pleasure to help. All you need to do is ask. 🙂