If you are getting divorced, one of the biggest financial decisions you will face is what happens to the family home and joint mortgage.

Hiring a knowledgeable divorce and/or real estate lawyer will mean that your mortgage will be handled correctly during the separation. In addition, a real estate lawyer will discuss all your mortgage options with you and ensure that you begin the new chapter of your life on the right foot financially.

Learn More: Red Deer Real Estate Lawyer Services

Understanding How Your Home Can Be Divided

When you divorce, there are several options you have regarding what to do with the family home. Depending on your particular financial situation, your divorce lawyer may advise you to:

  1. Sell the marital home. This means that both parties move out and use the sale money to pay off the mortgage.
  2. One party buys the other one out and keeps the home.
  3. Keep the home without changing ownership. One party could live in it perhaps until your children turn 18 or leave school.
  4. Transfer part of the property value from one party to the other as part of the financial settlement. The partner who gave up a share of their ownership rights would then keep a stake in the home - receiving a percentage of its value when/if it is eventually sold.

Learn More: Dealing With Mortgage After Divorce

Talking To Your Mortgage Lender

Be clear, direct and concise in your dealings with your mortgage lender. If your existing lender doesn’t offer any specialist advice for divorcing couples, find one that does.

In addition, if you are unsure of your legal rights, ALWAYS seek advice from an experienced and knowledgeable real estate lawyer. In some circumstances, your divorce lawyer can help you find a mortgage company that can accommodate your unique circumstances.

Learn More: How Our Lawyer Services Can Help With Your Mortgage Options

Options If You Can’t Afford The Mortgage Payments Alone

If you can’t afford to take over the mortgage alone, you may be able to get a ‘guarantor mortgage.’ This is where a close relative (or your ex-partner) agrees to guarantee the mortgage payments if you are unable to.

This is a serious legal step and both you and the would-be guarantor should always take independent legal advice from a real-estate lawyer before finalizing any decisions.


Prioritizing The Needs of Your Children

As a parent you want to ensure that your divorce has as little impact on your children as possible. When thinking about your mortgage options it is always important to consider:

  • Whether your children would be able to stay in the same school
  • What effect would selling the home and moving elsewhere have on your children’s lives and their ability to have contact with the other parent?
  • Whether there are affordable properties in the area
  • Will you have to downsize if you give up ownership to your home?

At Separation Superheros, we understand that children always come first during a separation. Our divorce lawyers are dedicated to providing experienced and compassionate lawyer services to protect your children from the impact of divorce.

Learn More: Daycare Services For Children

Learn More

To learn more about our lawyer services and how we can help with your mortgage options after divorce, contact one of our Red Deer divorce lawyers today at 587-880-3358 or fill out a contact form.

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