Divorce can be an incredibly stressful time for couples and the financial impact it can have only adds to the pressure. Unfortunately, many family lawyers are predicting the stresses of the last few months to result in a post-lockdown divorce boom.
Detangling the mortgage
There are several routes to take when it comes to dividing your property:
Selling the property and splitting the proceeds
This may be an attractive option if the proceeds from the sale will enable each partner to buy a new home.
Buying your partner out
If you can afford to, it may be possible to buy your former spouse’s share in the property in order to take complete ownership.
Selling up when the children have moved out
It is possible to keep the ownership of your home unchanged until a later date (to provide stability for your children, for example), and only sell up once they have moved out.
Making the decision
Depending on your relationship with your ex-partner, it may be difficult to agree on what should happen to your mortgage. If so, a court will decide for you, prioritising the wellbeing of any children in order to minimise the disruption to their lives.
Getting your life back on track
Our sympathetic advisers are on hand to help you get your life and finances back on track. Whether this be through helping you organise your post-divorce finances or assisting you in finding a suitable mortgage for a new property, we’re here to help you move forwards.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. You may have to pay an early repayment charge to your existing lender if you remortgage.