Divorce Mediation & Mortgage: Financial Documents, Business Valuations and Mortgage Tips
📹Watch the full YouTube video here.📹
This blog post is the summary and key takeaways from a conversation between Melissa Gragg and Emile flowers. The full length video can be found above. In the video, Melissa Gragg, a business valuation expert and mediator, collaborates with Emile Flowers, a Certified Divorce Lending Professional (CDLP), to provide valuable insights and guidance on the financial aspects of divorce. Whether you're considering divorce or in the midst of the process, understanding the necessary documentation and financial implications is vital for a smoother transition.
What is a CDLP? A CDLP stands for Certified Divorce Lending Professional. This designation is given to mortgage professionals who have undergone specialized training to understand and address the unique financial challenges that individuals face during divorce proceedings. CDLPs are equipped to assist divorcing clients in navigating the complexities of mortgage financing, including issues related to alimony, child support, property division, and other financial considerations specific to divorce. These professionals play a crucial role in helping individuals secure mortgage solutions that align with their post-divorce financial situation and goals.
Getting Started:
Document Collection for Valuations: When contemplating divorce, even before discussing it with your spouse, start gathering essential documentation. Melissa and Emile emphasize the importance of preparing documents for business valuations and financial assessments. These include tax returns, bank statements, mortgage statements, insurance declaration pages, and tax bills for any property you own.
Credit Report Awareness: Emile highlights the significance of checking your credit report early in the process. Pulling your credit report can unveil hidden debts, judgments, or liens that you might not be aware of. Addressing these issues promptly ensures a smoother financial transition.
Consulting Financial Professionals: Before reaching out to attorneys, consider consulting with financial professionals such as accountants or financial advisors. Melissa suggests starting with those familiar with divorce-related financial matters. This early engagement can provide valuable insights into your financial situation and help you make informed decisions.
Understanding Financial Terms:
Maintenance vs. Alimony: Melissa and Emile discuss the interchangeable terms "maintenance" and "alimony." They stress the importance of using consistent language in legal and financial documents, as lenders and investors have specific guidelines. Understanding the implications of alimony on mortgages and refinancing is crucial for planning your financial future.
Consistency and Stability Guidelines: Emile explains the consistency and stability guidelines imposed by mortgage investors. These guidelines require a specific timeframe for collecting alimony and maintaining financial stability after divorce. Adhering to these guidelines is crucial for successful mortgage applications.
Property and Asset Division:
Creating Property Statements: Melissa walks through the process of creating property statements, detailing assets, debts, and income. These statements play a crucial role in court proceedings and provide a comprehensive overview of your financial situation.
Analyzing Retirement Assets: The blog emphasizes the importance of considering retirement assets, such as 401(k)s, during divorce. Melissa highlights the differences between taxable and non-taxable assets, ensuring equitable distribution and preventing future financial surprises.
Planning for the Future:
Post-Divorce Expense Analysis: As divorce leads to changes in living arrangements, Melissa encourages individuals to analyze their post-divorce expenses. Understanding your financial obligations after the divorce ensures better financial planning and helps avoid potential challenges.
Conclusion:
Divorce is a challenging journey that requires meticulous financial planning. Melissa and Emile Flowers provide invaluable insights into the documentation, terminology, and financial considerations associated with divorce. By proactively addressing financial aspects, individuals can navigate the divorce process with greater confidence and preparedness for the future.
Melissa Gragg, CVA, MAFF
melissa@bridgevaluation.com
ValuationMediation.com
BridgeValuation.com
Cell: (314) 541-8163
Emile Flowers, CDLP® \ Mortgage Loan Originator USA Mortgage
eflowers@usa-mortgage.com
YouTube: @steveandemileflowers-usamo7689
+1 618-530-2444
NMLS: 1256327
Company NMLS: 227262. Not a commitment to lend. Additional terms and conditions apply. DAS Acquisition Company, LLC is not affiliated with or endorsed by any government entity or agency, including USDA, HUD or VA. Headquarters: 12140 Woodcrest Executive Drive, Suite 150, St. Louis, Missouri 63141, Toll Free: (888) 250-6522. For complete licensing information visit http://www.nmlsconsumeraccess.org. USA Mortgage does not provide tax, legal or accounting advice or services. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on or used as a substitute for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.
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