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A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Divorce laws and the nature of the debt play crucial roles in determining which party shoulders the responsibility. In many cases, what happens to debt is decided during the divorce proceedings.
Congrats! If you made it here, chances are you are pretty close to selling or buying your home...
The Claytons, like most first-time homebuyers, had no idea what goes into the settlement and closing process, including those pesky closing costs. Here's what you need to know to close the deal ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
Escrow companies are also commonly used in the transfer of high value personal and business property, like websites and businesses, and in the completion of person-to-person remote auctions (such as eBay), although the advent of new low-cost online escrow services has meant that even low-cost transactions are now starting to benefit from use of ...
Alimony payments only show up in divorce papers and if someone has a $1,000 a month support obligation that could seriously affect the ability to make house payments.
Before the closing happens, the settlement agency must ensure that all the money that the lender and buyer expect to send into escrow matches the total amount expected by parties that need to be paid, such as the seller and real estate agents. This matching process means that accounting information is gathered and the order is “balanced.” [8]