Wednesday, April 22, 2009
Divorce Real Estate - HELOC's
When it comes to a divorce with real estate involved here's one thing I would recommend. If you ever had a Home Equity Line of Credit (HELOC) on your home, go to the bank to make sure it's closed. I have found that many couples will pay down a HELOC after borrowing against their home, but if BOTH spouses don't go to the bank and sign to close it, it remains open. So who cares? Well, if one spouse leaves the home and still has the ability to use the HELOC like an ATM machine (which they can do without the other's knowledge) this will only complicate matters. I know it's hard, but for your own sake, try to be collaborative and work together. Good Luck.