Disclaimer: The information provided here does not hold any legal binding or as legal advice, for legal advice please use a professional lawyer who would be able to advice on legal proceedings.
Divorce and separations
Divorces and separations are quite stressful and are emotional times in ones life. Dealing with finances and mortgage adds another level of anxieties. Most of us are very confused about our finances during the times of emotional roller coaster and there are certainly many questions that one may have regarding mortgage and house.
Here are some things you may wish to do and it may answer some of your questions.
Things to consider:
1. Separate your finances
This will allow you to establish and to build your own credit rating, example would be opening your own bank and credit card account.
2. Obtain a credit report
By doing so, you will know where you stand financially for your next home.
3. Look for an independent mortgage broker
An independent mortgage broker will be able to help you to find out what your finances can afford if you wish to purchase a new house, or to buy out your partner with equity. There are certain restrictions that apply when you use equity, and I will be able to refer you to some good mortgage brokers in the Ottawa area, if you have any questions regarding taking equity from home.
4. Get an agent to provide you with a CMA (Competitive Market Analysis)
An agent will be able to provide with a Competitive Market Analysis of your house, most lawyers and mortgage brokers require an analysis to know how much a property is worth, in case you wish to buy out your partner and stay in the same home.
5. Getting ready to sell or buy
If you wish to sell the house and divide up the proceedings, contact me if you are in Ottawa area or another professional real estate agent, since we will be able to maximize the returns by selling your house and be able to help you in your next house hunting experience. Do note that both parties need to agree with the listing contract and also in the process of accepting the purchase agreement, when there are offers to the property.
Author : Nilay Ertemur