The term “vetting” simply means to investigate or examine something carefully. In the context of divorce mortgage planning, vetting refers to the process of investigating and examining one’s finances and property to make sure everything is in order before finalizing a divorce.
This is important because, once a divorce is finalized, it can be very difficult to make changes to the division of assets. Therefore, ensuring everything is fair and equitable before signing on the dotted line is crucial.
When vetting a professional, you are looking at their qualifications, experience, and references to make sure they are the right fit for you. This is an important step, especially in a divorce, because you want to ensure you are working with a team you can trust.
How Does the House Vetting Process Work?
Vetting a house is important to both the divorcing spouses and their attorneys. The process is used to determine how the property should be divided during the divorce. Many times, one spouse may want to keep the house while the other spouse wants to sell it. The process can also be used to determine whether the property should be sold and the proceeds divided between the spouses.
The first step in the process is to determine whether the house is marital or nonmarital property. If the house is considered marital property, it will be subject to equitable distribution. This means that the property will be divided between the spouses in a fair, but not necessarily equal way. If the house is considered non-marital property, it will not be subject to equitable distribution.
Once it has been determined that the house is marital property, the next step is to determine the property’s value. This can be done by hiring a professional appraiser. The appraiser will look at the property and determine its fair market value. This value will be used to determine how the property should be divided between the spouses.
After the property’s value has been determined, the next step is to determine how the property should be divided. This can be done by looking at the financial situation of both spouses. If one spouse has a lot of debt, they may want to keep the house to use the equity to pay off their debts. If both spouses have a lot of debt, they may want to sell the house and use the proceeds to pay off their debts.
How a Certified Divorce Lending Professional Can Help Ease the Process
A certified divorce lending professional can take a hands-on approach when working with divorcing couples, helping them understand the often-complex mortgage process and how it can relate to the divorce settlement. The objective is to provide impartial advice to help both spouses obtain new mortgage financing post-divorce, which will best suit their financial needs and interests.
They will work with you to help you understand the divorce mortgage process, which includes:
- Assessing your financial situation and goals post-divorce
- Determining the best way to finance your divorce settlement
- Negotiating terms
- Obtaining mortgage financing
- Coordinating with your attorney to ensure the divorce settlement is structured in a manner that will allow you to qualify for financing
The Bottom Line
“Vetting the house” in divorce mortgage planning means ensuring that both spouses are on the same page regarding the value of the home and any outstanding mortgage payments. This process can help to avoid any potential disagreements or misunderstandings down the road.
Contact Your Mortgage Specialist in Cape Coral FL
American Mortgage Solutions is a mortgage broker that has financed home buyers’ and homeowners’ dreams! We are proudly licensed in and serve Florida, Kentucky, Indiana, Colorado and Tennessee. Our streamlined process makes it a breeze to buy a home, refinance, or tap into your home equity. If you need a mortgage loan in Cape Coral, FL, we’ve got you covered! Call us at (239) 766-8344 to explore your options!