Divorce & Your Property
Category Advice
What Happens to your Property during a Divorce?
During a divorce, you'll likely have many questions concerning what happens to your home, your current bond, and even your credit rating.
At SA Property.com, our Property Practitioners, who are also Area Specialists, are here to assist you on all available options you can take & assist you with the best options for both parties, all the while including your Attorney (if required), and documents you may need during the process (Reports, Valuations etc)
How do we assist you?
Our Property Practitioner, will assist with the proper steps in purchasing your next home. And offer the best advice on areas most suitable to your next purchase.
We will guide you through this process one step at a time, discuss your financial goals, and tackle the inevitable concerns and questions that will arise from having to possibly sell your family home.
We can provide a free consultation including a comparative market analysis of your home (Comparative Market Analysis) to help give you the answers you need to make the best financial decision.
Below are some answers to frequently asked questions:
What happens to my current home?
If you and your spouse own a home, there are two main routes you can take to reach a solution. You can sell the home and split the proceeds or one person can "buy out" the other by refinancing the mortgage. Sitting down and discussing these options will help you get on the same page and minimize friction.
How does a divorce impact my credit score?
Unfortunately for many, divorce is a time of great financial hardship and credit challenges. Because you are responsible for the bond (mortgage) until it is paid in full or refinanced, it is imperative that you remain current on the monthly payments.
Our Property Practitioner can discuss further whether refinancing or selling is a better option for your situation and come up with a plan for accomplishing your goals, as well as that of your spouse/partner.
Can I buy a new home if I'm still listed on the previous mortgage bond?
Yes, but it's sometimes difficult to purchase another home until your divorce is final. In most situations involving child support and alimony, the payments must be received for a specific time period before you can use it as qualifying income.
If you are still listed as a co-borrower on the bond (mortgage) for the prior home, many Banks, will allow you to qualify while excluding that debt. Our Property Practitioner will connect you to an experienced Bond Originator, who can give you the best advice for your unique situation.
Why work with SA Property.com?
We've navigated this process alongside many of our clients who have struggled with the same financial questions and stresses you are experiencing.
Our Team of Property Practitioners know that being properly educated on the intricacies of this process and being aware of your available options is the best way to minimize unnecessary confusion.
Finally, we understand the emotional impact a situation like this has on someone and that you need a Property & Area Specialist during this time, not a salesperson.
You have options regarding home ownership and we want to earn your trust. Our on-site Attorneys are also available for a consultation with any questions you may have regarding your home, transfer & best options for your property.
To learn more about how we can help, feel free to contact us here
Author: Marketing
