Northern Virginia Divorce Debt Lawyers
In a down real estate market, many divorcing couples can find themselves in a difficult situation when it comes to making decisions about how to resolve the issues surrounding a piece of property that isn't worth the money that is owed on it. Once the most sought after asset in a divorce, many spouses are now looking for ways to avoid taking responsibility for the marital home.
At the Nova Family Law Group, our Fairfax underwater real estate divorce lawyers focus our entire practice on helping clients effectively navigate even the most challenging property division matters. We understand the issues involved in pursuing a short sale, refinancing or following another course of action.
The court is not inclined to babysit a mortgage until the property sells. It expects that all issues will be resolved in a timely fashion, even if the solutions are not ideal for all parties. We will take the time to review your available options and make sure that you have all the information you need to make the best decision for you and your family.
Understanding Short Sales in the Context of a Divorce
In a short sale, the bank agrees to forgive the entire balance of your mortgage for an amount that is less than is actually owed. In many cases, however, the difference between the amount the house is sold for and the amount that was owed on the mortgage can be considered taxable income.
During the property division, we work to ensure that assets, as well as debts, are shared by both spouses. This includes the allocation of secured debt, tax liability and other considerations. We address all of these issues, maintaining a constant focus on protecting your interests at each juncture.
Contact Our Law Firm Today
To schedule an initial consultation with one of our Virginia family law attorneys, call us at 703-763-0980, toll free at 866-639-8801 or contact us online.
