Tips for Buying a “Divorce” House

Buying a home from a divorcing couple can have its advantages and disadvantages.

Imagine putting an offer in on your dream home only to attend the pre-inspection walk-through to learn that a bitter, divorcing husband flooded the house the night before by leaving all of the faucets running. That actually happened with a New York home where the husband just didn’t want the wife to have money from the home sale proceeds.

We always hope that when we have an accepted offer on a home that we will actually close, but there can be hiccups along the way due to the family dynamics of the sellers. And when divorce is involved, fingers crossed that you’ll even get an accepted offer.

Read what the experts have to say about buying a divorce home.

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Learn Lesson from Dennis Hopper Heirs’ Estate Battle

Victoria, Dennis and Marin Hopper in 2008

Dennis Hopper, who passed  away in May at age 74, was in the middle of divorce proceedings when he died of prostate cancer complications. Now apparently his adult off-spring from other marriages aren’t so happy that they have to share estate proceeds with the widow, Victoria Duffy, and the couple’s 7-year-old daughter Galen, reports HousingWatch.

This might seem like another Hollywood celebrity tale, but there’s a lesson every family can learn from the Hopper family struggles, whether you earn millions a year or just thousands. 

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Killer Outfit for Women Post-Divorce?

A 31-year-old divorcee is looking to update her Spring wardrobe to something that can be flirty, sophisticated and affordable all rolled into one.  What’s the killer outfit for women post-divorce?  See if you agree with style editor Sarah Cristobal.

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Dennis Hopper’s Deathbed Divorce

Dennis Hopper’s estranged wife and 7-year-old daughter Galen can live in the guest house at his Venice, CA property while the couple resolve their bitter divorce case, a judge ruled today, according to the Associated Press.

Victoria Duffy Hopper said in court filings that the divorce from their 14-year marriage was an attempt to cut her out of her inheritance, an accusation that has been denied by the 73-year-old “Easy Rider” actor who is battling terminal prostate cancer.

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Divorce too, Can Make You an Accidental Landlord: Tips You Should Know

Sometimes remaining in a home that you once shared with your spouse can prove difficult emotionally. Other times you just might want to get the heck out of there so you can start your life anew.  However, with homes languishing on the market, the economy might keep you from moving on as quickly as you’d like.

You might feel stuck as you wait for a buyer.  But you do have a multitude of other options.  

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5 Steps to Not Owe Taxes, Just Like the LA Dodgers Jamie & Frank McCourt

Frank and Jamie McCourt, co-owners of the LA Dodgers (though that’s being debated) remain embroiled in their nasty divorce battle. This time, a 1,423-page court document filed by Jamie reveals just how they avoided paying Uncle Sam ever since they purchased the Dodgers in 2004.  What they did isn’t illegal.  

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St. Joseph Statue Can Help Sell Your Home

 

St. Joseph kit is available for less than $10 from StJosephStatue.com. It just might help sell your home and help prevent a War of the Roses over the house. (Image courtesy of StJosephStatue.com)

 

Ready to move on with your life, but you’re waiting around for the house to sell so that you and your ex can split the assets?  Well, if the home is not moving fast enough, you might just try burying a statue of St. Joseph in your home.  Apparently quite a few homeowners swear by this method. Read the St. Joe’s article on HousingWatch.com

And Phil Cates, owner of StJosephStatue.com LLC , says that many of his customers aren’t even Catholic.  The tradition transcends religious barriers when you’re simply trying to get your home sold.

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Poll: Would You Stay in Business with Your Ex?

Related Articles:

• Tips for Splitting Assets When Entrepreneurs Divorce by Lynnette Khalfani-Cox, the Money Coach.
• The Dodgers’ Owners: Mixing Business with Divorce.

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Tips for Splitting Assets When Entrepreneurs Divorce

by Lynnette Khalfani-Cox, The Money Coach

Financially Fit | Tips from The Money Coach, Lynnette Khalfani-Cox

The owner of the Los Angeles Dodgers, Frank McCourt, is in divorce talks with his wife Jamie, the CEO for the team. This power couple is one of 1.2 million husband-and-wife teams who run a business together, according to the National Federation for Independent Business. And when couples split, often so can the business.

John Moores sold the Padres earlier this year as a result of the petition for divorce his wife, Becky Moores, filed a year earlier. They then divvied up the proceeds.

It is rare that couples who divorce can remain doing business together. So, what should you do with your business assets if you divorce from your spouse with whom you do business? Here are some tips for how to handle your joint business if you divorce.

Buy the other spouse out. This is a good choice if one spouse started the business, or is more passionate about it. You can trade his or her stake for other assets, such as equity in the home or a greater share of the retirement accounts. Or you can take out a loan to pay cash.

Sell it and divide the profits. Some small businesses are tough to sell, especially in today’s economy, but if the company operates profitably, then it’s possible to find a buyer. Start seeking buyers sooner rather than later before any divorce animosity can tour the business sour.

Split it in two. This only works well if the company has separate units that can be spun off from one another. If you go for this option, you may want to have a valuation done to determine the worth of each unit. Because once the company is split and the divorce is final, it will be a lot harder to go back and make a vv other business if yours fails and your ex-partners takes off.

Speed up the succession plan. Since many family businesses often name children as successors, a divorcing couple with adult children may be able to choose this option. Each spouse could possibly stay on as a silent partner with a small stake in the business, so long as you are willing to let your children run the business. This is hard to do even when divorce is not part of the picture!

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, television and radio personality, and the author of numerous books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Related Poll: Would you stay in business with your ex? Click here to answer.

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