In many cases, the marital home is owned by both parties and is often the most profitable asset that needs to be divided following a separation. Now you may be wondering if it is best to sell your home, or if there is a way you can stay in your home. Let’s look at those two options below. Sell Your Home When selling your home, both parties agree to liquidate your asset and pay out your remaining mortgage balance in full, including a mortgage penalty, and realtor fees. All the left-over funds, also known as your net equity, can be split…

Yes! In almost all cases, a separation agreement is required as a fundamental component to securing you your new mortgage. A separation agreement is the initial process whereby both parties come to an agreement on any spousal support, child support, custody arrangements, and the division of relationship assets/ debts. Lenders will require a separation agreement to establish a better understanding of the affordability within your new mortgage, based on any support owed or received and the disbursement of any joint assets. In cases where no support is payable and there are no shared assets, we can request a statutory declaration, also known as a…

No! With an accepted separation agreement, we can get the process started for you. However, it will be a condition to your financing that the separation agreement is completed prior to funding. On a case-by-case basis, if your agreement is not finalized, but your legal team can confidently confirm in your agreement a “minimum” value of funds that will eventually be disbursed to each party, we can sometimes get that exception.

No! While a separation agreement is required, it is not mandatory that your agreement be legalized by your lawyer. In provinces like BC, this agreement needs to be signed by both parties and witnessed.

Absolutely, just get in touch with one of our advisors and we will walk you through each step of the process. We will identify how much you are able to qualify for and factor in any additional income like child support, spousal support or child tax benefits. We will help you put a plan in place, helping you meet your needs for today and goals of tomorrow.

Your separation agreement will specifically outline the division of all joint assets going to either party. If you are using these assets towards the down payment of your new home, you will need a minimum of 3 months of bank statements, or confirmation from your lawyer’s order to pay statement.

No! In Canada, a separation period of 12 months is required prior to being able to finalize a divorce. For this reason, we can get you into your new mortgage at any time during the separation period.