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Divorce and Your Home

by | Mar 4, 2016

Divorce and Your Home

We all know that marriage isn’t always forever. When a separation occurs, a home is often involved. Since most couples have a joint mortgage – one where both names are on the mortgage and title of the home – when separation or divorce proceedings occur, many wonder what will happen with the home.
 
When the marriage comes to an end, there are two obvious options concerning the home: 1) sell the property and split the proceeds according to your agreement and go your separate ways; or 2) one person buys the other party out of the mortgage and the title of the property.
 
The first option is a straight-forward transaction where you put the house up for sale, sell and split the proceeds. The second option, however, is slightly more complicated.
 
The decision between the options is a personal one borne out of the specific circumstances of the parties involved. I have helped many borrowers through the home ownership woes of separation and divorce. If you find yourself in this situation and need professional mortgage advice, give Dominion Lending Centres a call.
 
Thanks to my DLC colleague Marie-France Lavigne for this article.

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