We are Separating.. How do we deal with our Home??

Dealing with Divorce or Partner Separation is difficult enough, but what happens to your home? Can one of the parties keep it and pay out the other Partner? Are you forced to sell and uproot your family? What are the steps and documentation needed? Who do you turn to for help?

Dealing with a Divorce or Partner Separation can be a daunting process. When a property is involved, what are your options as far as splitting up the equity and being able to secure another property to live in? Do you have to sell and uproot your family from their established lives and friends? What is the process and what documentation is needed to solve this issue? As Licensed Mortgage Associates, we can assist you through this process and help ensure that your best interests are being looked after.
Dennis Ward / Lorraine Revet  Mortgage Associates  Mortgage Tailors

There are Solutions and Options to help you through  these Stressful Times

There are many questions you may have and you need the answers and guidance to help you through this process. Here is a Top Ten List of the most Common Questions we are asked. If your question is not listed please feel free to Request a Free Private Consultation at any time.

1

Can one Partner buyout the other Partner?

Yes.. There are Spousal buyout programs available that allow one partner to finance up to 95% of the value of the home to allow Equity to be given to other partner.  This Program is also available to Partner Separation whether it be a Common-law Partnership or Partners such as siblings, Parental, or Non-Related Partners that have Purchased a property together and now want to split that Co-ownership.

2

How do we deal with joint debts in the relationship?

There are options where the joint debts can be paid out before the remaining equity is divided between the partners.
 

3

We are retired and neither would qualify for a Mortgage. What Now?

There are options to get equity out of the property without having to sell or obtain a New Mortgage in one of the Partners Names.

4

What do we need for Legal Documentation to show the terms of the separation?

Depending on the situation, (ie. Dependants or Support payments) will determine the type of documentation needed, such as Legal Separation agreements or Statutory Declarations. We can discuss your individual situation and help answer those questions.
Always get proper Legal Representation during a Separation or Divorce to ensure your best Interests are being looked after.

5

Does our Separation have to be Complete before we can proceed in dealing with our home?

Each individual situation will determine what the steps and documentation needed will be to proceed with the Process. We can advise you on these steps.

6

What is the process for getting the Second home and how do we qualify and know our budget?

We would assist you in knowing what your Budget is based on your situation, assist with Pre-Qualification so you are prepared to buy with confidence. We will work to get you the best Rates and Terms based on your individual Situation. We will also Advise you with the documentation needed to complete your purchase and answer any questions along the way.

7

Does it cost me to get Assistance?

No, it does not. Getting assistance and Guidance from a Mortgage Associate does not cost you any up front fees. We will discuss your situation and answer your questions regarding your individual situation.

8

When can I ask for assistance?

Even if you are not sure that you are separating and would like some advice or information, our Assistance is always available to answer any questions you may have about the process with no Obligation.

9

Will this affect my credit score?

No, it will not. The only time that we would actually pull your credit is once you have given us written consent and supplied your information. The initial consultations will have no affect on your Credit Score. We can even assist you and answer any questions you may have in helping you improve your Credit Score to prepare you for the process in the future.

10

Will my Privacy be Protected?

We always strive to ensure that all your information is protected and you can state how you would like to be contacted to be certain that your privacy is protected. Just ensure that the Contact Information that you supply us with is only accessible by you and is Password Protected.