Monthly Archives: January 2018

Using Legal and Available Means to End Your Marriage

Making the decision to end your marriage can be a traumatic time in your life. Along with the emotional aspect of disconnecting with your spouse, you also have to think about the legal implications of your decision. You may spend weeks or months embroiled in a legal dilemma that might threaten to overtake your life.

This worry may compel to you rethink your decision and instead stay in a union with which you are unhappy. When you hire a family law firm, legal mediator, or a divorce attorney Tampa clients like you can proceed with the case confidently knowing that you have expert counsel to guide you through the process.

Appreciating the Common Reasons for Getting Divorced

You might have encountered numerous people in your life who advised you to rethink your decision to get divorced. They might have told you that you were imagining the troubles or that no one gets divorced for the reasons you have stated.

In fact, every state allows to some degree no-fault divorces. Even though, many people go into these cases with very specific reasons in mind for why they feel they can no longer stay in their marriages.

The attorney’s website can be a valuable source of information to validate your decision and also help you appreciate the most common explanations for why people will choose to end rather than stay in their unions. Some of the most common factors that go into these cases include suffering chronic troubles with money, infidelity, addictions, and other traumas that many couples cannot overcome.

These facts may help you realize that you are not being selfish but rather have legitimate reason for wanting to move on with your life as a newly single individual. Your lawyer can help you file a case based on the reasons you have chosen so that you can get the outcome that will be in your best interest.

Monetary Considerations

A divorce can be expensive from start to finish. Along with having to pay for filing fees, you also have to think about how you are going to support yourself and your children.

Your lawyer can petition the court for support for both you and the minor children of the marriage. This spousal and child support order will provide you with a means to sustain your household. You can also use it as a foundation on which to rebuild your life.

Understanding Loan Classifications

While taking out a loan to buy a home is so common that no one thinks twice about submitting a lender’s application, very few borrowers actually understand how their loans are classified and the criteria that place them within a specific category. From typical loans to those that are rarely heard of, understanding how a loan is classified may impact the borrower’s decision about accepting the loan.

5 Loan Classifications

Although the phrase, “loan classification” is often misunderstood, current or future borrowers should know that it actually refers to the likelihood of the loan and any associated interest being repaid on time and in full. Non-adverse and adverse classifications are assigned to each loan based on certain qualities of the borrower and his or her financial health and assets.

Non-adverse loan classifications include pass and special mention loans. A pass loan classification refers to a loan on which lenders can expect full repayment of both the principle and the interest; this is optimal for the lender. Similarly, the special mention loan is not adversely classified; however, this classification is used when certain risk factors could impact repayment potential if lenders proceed without taking the appropriate measures to protect their investment.

There are also several types of adverse loan classifications, one of the most common being the substandard loan. When lenders assign a substandard classification to a loan, it implies that they are taking a risk in lending the money because the borrower has not demonstrated enough income, credit worthiness or collateral to make the lender believe that he or she will not struggle with repayment. A doubtful loan classification is very similar to substandard; the factors impacting this classification are those which make it highly unlikely that the lender will ever be able to collect on the principle and interest of the loan. Finally, a loss is a classification that makes it virtually worthless for the lender to continue to attempt to collect on the loan. This is often applicable to situations where default has occurred and collection efforts have not been remotely successful.

Classifications Impact Borrowers

Understanding potential loan classifications before applying for a home loan may prepare future borrowers for higher interest rates, excessive scrutiny or even denial of a credit application. Ensuring that one’s credit and income are in order before applying for a home loan may make it easier to secure the loan.