Wednesday, October 9, 2024

Going through a divorce is challenging enough. Deciding what to do with your home can add another layer of complexity.

If you're considering keeping the house, here are a few important things to think about:

➕ Affordability: Make sure you can cover the mortgage, property taxes, and maintenance costs on your own. Is your income enough to handle these expenses without stretching your finances too thin?

➕ Refinancing the Mortgage: You might need to refinance the mortgage to remove your ex's name from the loan and get a new one in your name only. If your ex is entitled to part of the home's value, you'll need to figure out how to handle that—this could involve paying them a lump sum or adjusting other assets.

➕ Legal and Financial Details: Talk to a lawyer to understand how keeping the house affects your divorce agreement and future finances. Make sure keeping the home doesn't mess with other parts of your divorce deal.

It can be a tricky process, but we're here to help with your mortgage questions and guide you through.

If you are going through a separation or divorce right now and have questions, please reach out for support anytime.

#DivorceAndHome #HomeOwnership #MortgageAdvice #RealEstateCanada #FinancialPlanning #Refinancing #LegalAdvice #DivorceSupport #MortgageBroker #HomeBuyingTips

Posted at 05:59 PM