7 Facts About Matrimonial Home Ontario
How To Avoid Costly Housing Mistakes In The Midst Of A Divorce
Divorce can be an extremely draining time, both emotionally as well as financially. It seems that every decision you make ends up costing you money and that’s on top of the already hefty lawyer and advisor fees.
One of the biggest decisions you’re probably going to have to make is what to do with the house. Even though your home can bring up a lot of emotions, both negative and positive, it’s crucial you make rational choices instead of emotion-driven decisions. Here are some tips to help you navigate this difficult time and, hopefully, prevent you from making costly mistakes.
Don’t fight for the house if you can’t actually afford it.
It’s common in divorces for one of the parties to want to stay in the house, either due to emotional attachment or to ease the transition for the kids. However, a house that made financial sense to you as a couple will often be though to keep on a single income after a divorce. Does your home come with a huge mortgage? Or are the monthly expenses for the house higher than the maximum possible support payments? If this is the case then fighting to keep it is pointless and will end up costing you a lot of money. so Selling your Matrimonial Home will be the best option if you are in Debt
Account for refinancing / Matrimonial Home
If you’re going to keep the home you’ll have to refinance your mortgage. Keep in mind that you’ll have to qualify for the new loan using only your income and assets, which will probably translate to a larger mortgage than the one you had previously. It’s also important to remember that you’ll have to buyout your former spouse.
Change the deed right away
By the time you’ve split your assets, refinanced your mortgage and paid your lawyer, you really don’t feel like parting with even more money – we get that. But don’t fall prey to this mistake!
If your divorce agreement doesn’t explicitly outline shared ownership and responsibility of the property, then remove your former spouse from the deed as soon as possible. It’s tiresome to go through the process but if you ever have to sell the house you don’t want to be dependant on your co-owner to sign off. After all, any further conflict will end up costing you a lot in lawyer fees all over again.
Get your name removed from the mortgage and deed
If you’re on the other side of the coin and your former spouse is the one keeping the house then make sure the mortgage is refinanced and the deed gets changed. Even if your former spouse assures you they will front all the payments themselves. Don’t be tempted to skip over the paperwork – this mistake can cost you! It’s in your best interest to cut all ties to avoid potential financial or legal liability should your ex have problems with payments on the house and face foreclosure.
Waiting to sell the house or leaving it in the market for too long
If your relationship is amicable and you’re both in agreement about selling the house, then do not wait! The longer you postpone the sale or the longer it sits in the market, the higher the chances of the relationship between you and your spouse deteriorating. A house that takes time to sell can become a source of tension and any disagreements are only bound to cost you more money in lawyer fees.
Assuming you can sell your house for the amount you need
If you expect that you won’t be able to maintain the house longterm or that you’ll need money in the future, don’t assume you’ll just be able to sell the house at that time. Property value fluctuates constantly and so does demand. If you want a guaranteed way to sell your house fast, talk to us! We’ll buy your house for cash, in as-is condition and, as a bonus, there are never any commissions or fees to pay.
If you’re going through a divorce and just want to be done with it so you can move on with your life, reach out to us. We specialize in buying divorce houses and we can help you expedite your divorce by buying this house from you.
For more Legal Advice about Matrimonial Home you can consult in a Legal Expert at division of Property