Overview

The process of splitting your life is difficult. Separation often means dividing assets, time with children (if you have them) and even mutual friends. One one of the more important long-term aspects of divorce? How you handle your mortgage.

If you do have a mortgage and are going through a divorce, there are three options available:

  • Sell and move
  • Buy out your partner
  • Maintain the existing mortgage

Enlisting the help of a qualified mortgage broker and/or realtor who specializes in working with divorced couples can significantly ease the process and ensure that you select the best option & begin this new life chapter on the right foot financially.

Hiring a Mortgage Broker During Your Divorce

Your house is not just a financial investment. There is an emotional attachment involved and making a rational decision when it comes to your marital home may not always be easy.

Working with a mortgage broker can get you unbiased, professional and accurate advice and can help leverage a couple’s most valuable shared asset  - their home.

Assess your financial situation

Before making any decisions about what to do with your marital home, it’s very important to evaluate where each partner is financially.  A mortgage broker can help you consider factors such as:

 

Can you afford to stay in your home?

It’s important to determine whether you can afford mortgage payments, taxes, and maintenance on a single income without making any other painful financial sacrifices.

 

Will you be receiving child/spousal support?

Lenders will often consider such income sources when deciding whether you qualify for a new mortgage

 

How is your credit score?

This is one of the most important factors in determining your ability to finance your future home. That’s why it’s crucial to improve and preserve your credit score during the divorce.

Work with a mortgage broker who understands the unique needs of separating couples

A mortgage broker should help you do much more than simply shop for the lowest rates. They should be able to offer divorcing couples a number of services including:

  • A financial consultation & budget analysis
  • Credit checks and assistance in repairing credit (if needed)
  • Providing arrangements for a professional appraisal
  • Guidance through the entire mortgage acquisition process

At Separation Superheroes, we can connect you with some of Red Deer’s most trusted & experienced divorce mortgage brokers to help both partners move forward on firm footing.

So You’re Thinking of Selling? Hiring a Real Estate Broker During a Divorce

For most married couples, their home is their largest asset and the most sentimental. Even though owners may want to keep it, sometimes there is no other option but to sell, whether it is for financial, legal or personal reasons.

Once you have decided with your divorce lawyers how much the home is worth and who gets what, you should bring in an experienced real estate broker to help get your house on the market.

Choosing the Realtor

Never underestimate the importance of selecting the right divorce realtor when selling your marital home. If you are divorcing, find a real estate broker who not only has exceptional communication skills, but also experience navigating the sensitivities and intricacies of a separating couple.

Some of the things you may want to consider when selecting your realtor include:

  • Divorce experience

You should make sure your real estate broker is familiar with the divorce process in your jurisdiction. That means they’ll be aware of any deadlines, court appearances or other emotional triggers that could negatively impact your decision making.

In addition, find a realtor who is comfortable talking about divorce and who can guide you through all the tough conversations that need to happen rationally and without bias.

  • Neutrality

While you may still be legally married to your ex-spouse, your interests may no longer be aligned. Make sure to choose a realtor who is a NEUTRAL THIRD PARTY and whose top priority is to sell the home for as much money as possible in a reasonable amount of time, with the least amount of stress.

  • Communication Style

One of the most important skills that comes hand-in-hand with being comfortable around divorcing couples is open communication. In order to maintain their neutrality, your real estate broker must ALWAYS share the same information with both partners.

Find a realtor who makes it his/her standard practice to communicate everything in writing to both parties as this will avoid any miscommunications during the stressful process of selling your home.

Call Today

At Separation Superheroes, we can connect you to some of the most experienced and skilled divorce mortgage brokers and realtors. Call us today at 1-800-381-1303 or fill in our online contact form.




 

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