Practical Divorce Tips
1. Don't make major financial decisions while emotions are high.
Divorce can make everything feel urgent. Unless something truly requires immediate action, give yourself time to understand the financial and other long-term consequences before agreeing to sell, refinance, buy, or transfer property.
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2. Know what your home is REALLY worth.
Your home may be one of your largest marital assets. An online estimate isn't the same as a professional market analysis or appraisal that considers local situations and the neighborhood. Before negotiating who gets what, understand the property's current true market value.
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3. Keeping the house isn’t always the financial win it appears to be.
Sure, you need a roof over your head, but before fighting to keep the house, look beyond the mortgage payment. Consider taxes, insurance, maintenance, repairs, utilities, and whether you can qualify to refinance on your own. It’s all on you now, so it’s time to be practical and fair to yourself – don’t make long term decisions in the spur of the moment.
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4. Get copies of important documents BEFORE you need them.
Gather mortgage statements, tax returns, bank and investment statements, insurance policies, property tax records, deeds, loan documents, retirement statements, and credit-card statements. Having information gives you options.
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5. Protect your credit during the divorce.
A divorce decree doesn't automatically change your obligations to lenders. If your name is still on a mortgage or joint account, missed payments can potentially affect your credit—even if your former spouse agreed to make the payments.
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6. Don’t let the house become an emotional bargaining chip.
Sometimes keeping or selling a home becomes about winning rather than finances. Ask yourself: What decision puts me in the strongest position two or three years from now?
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7. If the home will be sold, try to agree on the details early.
Who chooses the Realtor? Who pays for repairs? How will showing appointments work? Who maintains the property? How will offers be handled? Addressing these questions early can prevent unnecessary conflict later.
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8. Think carefully before buying another home during a divorce.
Your income, debt, credit, support obligations, and borrowing ability may look very different after the divorce is finalized. Talk with your attorney and lender before making another major real estate commitment.
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9. Create a post-divorce housing budget—not a pre-divorce budget.
Your new household may have one income supporting expenses that two incomes previously covered. Determine what housing payment comfortably fits your new financial life.
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10. Build the right professional team.
Your attorney handles the legal issues. Your CPA or financial professional can help with tax and financial questions. And when real estate is involved, an experienced Realtor who understands divorce transactions can help you evaluate the property and navigate the sale without adding unnecessary conflict.
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Divorce changes a lot of things. Making informed and timely decisions about your home can help protect what comes next.
If you need a referral for an Attorney, Financial Adviser, CPA or Mental Health Services Geni will provide a trusted source for you in the DFW area.
