Divorce, separation, or the breakdown of a common-law partnership can create difficult situations, especially when shared properties are involved. It’s crucial to consider all options for the division of property before taking action. This can help ensure you don’t experience unnecessary costs, delays or emotional distress.
In this scenario, one party retains the home and takes over the mortgage. The other party is compensated for their share of the equity in the home.
In some cases, neither party wants to keep or can afford the home after separation. Retaining one of the largest expenses when two incomes become one can be a burden.
If separating spouses are aligned in their goals, it’s crucial to have a clearly laid-out agreement that specifies all aspects of property ownership responsibilities.
This decision is a very personal one that goes far beyond finances. It’s essential to consider all of your options, family dynamics, and ability to maintain your desired lifestyle before making this difficult decision.
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