Where is the best place to live in terms of recovering economically and relationally from a divorce? NOT THE RALEIGH AREA! The New York Times recently ranked the 50 largest metropolitan areas and Raleigh was #47. That’s right, if you live in the Triangle, the odds are NOT in your favor that you will prosper financially and emotionally after divorce. So, should you move to Minneapolis (ranked #1) or might there be a way to stay put and pro-actively make the most of your situation?
If you own a home, its equity is usually your largest asset and your mortgage is usually your largest debt. The house carries a lot of weight. But many are forced to sell a family home and move into a rental or smaller home. In some cases, one partner is able to refinance and keep the family home, but qualifying incomes are impacted by the division of assets, spousal support, and the cost of the divorce itself. The toll of divorce is catastrophic. Half of those divorcing will experience poverty after divorce. Family income drops 42%. For women applying for welfare benefits, 75% are a result of divorce. The average cost of the divorce itself is $15,000 for each person. Oftentimes, the equity from the house is the means by which to pay for the divorce.
We know that home ownership rates drop after divorce. Credit scores likely suffer. When so much is riding on the house, getting it sold quickly and efficiently for the most money takes on a new level of importance. Add to this the emotional challenges faced by two estranged people who once shared a home together needing to make timely decisions, and you’ve got additional hurdles.
Yes, divorce is difficult to say the least. I’ve been there. That’s why I specialize in divorce real estate and can help you navigate the legal, financial, and emotional implications of divorce while tending to your most precious asset… your house. My team of professionals will help you with mortgage and title issues, as well as assessing home condition, market value, and insurance issues, in order to maximize the profit on your home. And we will do it with a sensitivity to this important transition in your life. So, stay in Raleigh and surround yourself with supportive and knowledgeable individuals. We've got your back.