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Some people call it irreconcilable differences; others call it incompatibility, however, after the separation is legal, all assets within a divorce need to be divvied up among former partners.

With divorce, almost representing every one out of two couples and homeownerships representing 67 percent of Americans, the chances are quite high that at some point in time, almost every American will either get divorced, purchase a home or both.

Regardless of where one may fall in the area of marriage and owning property, refinancing a home is an existing solution. Years ago, after couples parted ways after divorces, the norm was to administer a forced sale of the property. That way, each party netted some equity at the closing and was able to lead his | her separate life. However, as times have changed, there is now a more modern alternative to selling one’s property, that of refinancing.

While refinancing is not limited to the couple who is parting ways, the popular mortgage product delivers a serves a multitude of purposes. In short, homeowners will refinance their property at a lowered interest rate so they may take a little equity out of their home and go on an extended vacation, pay bills, bankroll a college education or, basically, fund whatever activity the person desires.

Today, a “for sale” like is not the only alternative to the dissolution of a marriage. For example, one spouse may buy the other’s spouse half of the property by refinancing the property. One company who specializes in the innovative loans geared for the divorcing is GMAC Mortgage.

The company’s alternative to the divorce sale, authorizes the buyout of one spouse (up to 90 percent versus the 75 percent) of the value of the property. The specific guidelines of the refinance allow a limited cash-out increase which gives the divorcing spouse who plans to retain the residential property a viable incentive. The lending product is referred to as “divorce refinancing.”