Disclosures: A.M. Financial provides supporting financial information, evaluation and analysis to be utilized by the client and the client's selected attorney if directed, during the process of their divorce.  Services provided in regards to this agreement are solely fee-only and do not involve investment or security advice or insurance transactions.  All information is financial in nature and should not be construed or relied upon as legal or tax advice.  A.M. Financial IS NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL OR TAX ADVICE.  Individuals are encouraged to seek competent legal and tax advice from professionals who specialize in divorce and tax laws in their respective state.

Investment advisory services offered through WealthSource Partners, LLC ("WSP"), a registered investment adviser.  Amy Mahlen (CRD #4692263) is an Investment Adviser Representative of WSP.  Registration with the U.S. Securities and Exchange Commission does not imply any certain level of skill or training.The statements and opinions expressed by A.M. Financial are those of Amy Mahlen and do not represent the views and/or opinions of WealthSource Partners, LLC ("WealthSource") or any other associated or affiliated person of WealthSource. Furthermore, the statements and opinions expressed are for informational and educational purposes only and should not be construed as legal, tax, accounting or investment advice. All statements and opinions are current only as of the time made and are subject to change without notice.  A.M. Financial and WSP are independent and unaffiliated entities.

This website is a publication of A.M. Financial. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. Content should not be viewed as personalized investment advice or as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. A professional adviser should be consulted before implementing any of the strategies presented.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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Buying a Home in the Midst of a Divorce

 

Managing living arrangements during a divorce is tough and is typically the first item on the to-do-list as a divorce moves forward.  Determining who is going to keep the house, where someone is going to live and where the money is going to come from are heightened points of contention among spouses.  To minimize stress, conflict and provide a healthy atmosphere for children, it is imperative to solve this issue quickly.

 

Various living arrangement options exist such as renting or living with family or friends for a temporary period.  However, many individuals do not want to burden friends and families, feel as though they are throwing away money renting in a surging real estate market, which in turn leaves many soon-to-be-divorcees with one option - purchasing a new residence.  Before searching the internet and talking with your best friend’s sister who is a real estate agent, read through these tips to save yourself some much needed energy and time:

 

Have Divorce Papers Been Filed?

If a divorce petition has been filed to start the process, the relationship status on a mortgage application must be listed as ‘separated’ and not married regardless of if you still reside together in the marital home.  Therefore, your spouse’s income will not be included or taken into consideration.  In cases where one spouse does not have enough working income to qualify for a mortgage this can present a problem in the home purchasing process as the higher earning spouse’s income will not be involved.  A written separation agreement outlining the amount and terms of spousal and child support will be required for loan purposes.

 

Completing an application as married instead of separated when divorce papers have been filed can put yourself at significant risk of having your loan fall through and prove to be a waste time and energy when it could have been utilized more effectively elsewhere. 

 

What is Your Income for Mortgage Purposes?

Earned income from employment qualifies depending on how long you have been employed.  If you have been unemployed for several years while taking care of children at home and recently gained employment it is important to speak with a Certified Divorce Mortgage Lender to determine the length of employment required for loan purposes.

For spousal and child support to qualify as income, the receiving spouse must receive payments for 6-months before income can be considered.  Often times support payments don’t begin until shortly after a divorce is finalized therefore the divorce timeline itself is an additional waiting period to get through before the 6-months of receipt can