Divorce Mortgage Guidance
The biggest decision when getting divorced is what to do with the marital home. If the divorce is bitter and hostile then trying to come to a decision and agreeing can be a challenge as well as a nightmare! This is especially true if there is still a mortgage on the home. At Divorce Mortgage Guidance we can help the spouses agree on the property.
Your mortgages and the challenges of divorce
Divorce is already so difficult and especially when there are assets involved like a house that needs to be split. Divorce Mortgage Guidance will help you explore some options to assist you to make decisions that are suitable to your circumstances. Options such as these will be looked at; selling or deciding to keep the home. Deciding on who will get the home can get so messy, especially if both spouses want the house. By working together, you and your spouse will benefit emotionally and financially instead of arguing all the time. When the couple has decided on who should get the home after the divorce, they need to make sure that the recipient can afford it. Another option is to refinance your mortgage; this can be done to refinance a mortgage under one name in the event of a divorce. Once this is done, the title to the home must also be updated to reflect one owner. A quitclaim deed is used here to remove a spouse's name from the title of the home. The other option is selling the home; this might be required when divorcing. The profit will then be split. This is usually the case when the couple does not meet the deadline for refinancing the mortgage. Selling is also an option when neither spouse can afford the mortgage on their own.
Taking your ex-spouse off of the mortgage
The only way to get a spouse off of a mortgage is to refinance them off of the mortgage. Leaving their name on the mortgage will affect the non-resident spouse when they want to apply for another loan later on to buy their own home. Divorce Mortgage Guidance will be able to assist you with this as well as deciding on the best options for everyone.
Implications – Tax
It doesn't matter if you sell or buy out the home in the divorce agreement, capital gains taxes must be considered at some point. This tax is because of the sale of capital assets, such as property, especially when the profit exceeds a certain amount. We have qualified advisors who will offer the best advice regarding any tax implications during a divorce.
Why use us?
When getting divorced you need to make sure that you have the right people around you, including a good divorce lawyer, a mortgage broker, and a financial planner. Divorce Mortgage Guidance will guide you down the right path to ensure that after the divorce, you will still be able to carry on with life and start building a new future. We understand that any divorce is hard and emotional, and at times you just don't know which way to turn but, turning to us will truly benefit you!
