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Mortgages & Finances
Determining Finances
During the process of separation, it is important to first determine your finances and boost your credit report. Many individuals find it easier to rent a property while they are navigating the process of divorce. This allows you to be in a better financial position and have an easier time getting a mortgage to buy once they divorce is finalized.
Mortgage Payments
When it comes to your mortgage during the divorce, it is crucial that the spouse who is giving up their rights to the home has their name removed from the title as well as the mortgage. Until the divorce is settled, both parties are still responsible for the mortgage payments and any mortgage debt can severely impact your ability to purchase a new home after the divorce.
Choosing What Works
If one spouse decides to buy out your partner, you have a few options. You can choose to pay out your spouse and borrow 95% of the home’s value, refinance the home and get a second mortgage or use other assets to pay out the spouse, or you can qualify for a loan.
DIVORCE REFERENCE GUIDE
Every situation is different and the way that the law is applied to a situation will depend on the particular circumstances of each case. It is important to be aware that some laws are different for married as opposed to unmarried couples.
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