Many of my divorce mediation clients' main asset is the equity in their home. Often, one spouse chooses to purchase the other's share of the equity by refinancing their mortgage solely in his or her name.
In this excellent article, Kerrie Marzot offers 8 steps to get ready to refinance your home. While I few of the steps may not apply when a couple is divorcing, the article offer a great overview.
Compare Interest Rates.
Establish When You Will Begin to Save.
Calculate Your Total Savings.
Determine Your Home's Value.
Get Your Credit Score.
Speak to Several Different Lenders.
Decide Whether It Is the Right Time to Move Forward.
Get Your Financial Information Together.