How to Finally Know Whether You Can or Want To Keep Your Home in Your Separation or Divorce in Ontario!

How to Finally Know Whether You Can or Want To Keep Your Home in Your Separation or Divorce in Ontario!

If you want answers to figuring out what to do with your home in your separation or divorce, you need to ask some questions to help with this process.

I discussed two key questions you need to answer about this issue in the previous video.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

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I will discuss some additional key questions in this video you need to carefully consider about what to do with your home in your separation or divorce:

3.  Can You Refinance the Mortgage?

If either you or your spouse want to keep the house, you will have to deal with the existing mortgage or line of credit on your home.

When you plan on buying out your spouse’s interest in your home, you will probably have to pay a significant amount of money to your former spouse.

You can usually only get these funds by refinancing your existing mortgage or getting a new mortgage on your home.

You have to see your bank or a mortgage broker to see if you qualify for a new mortgage.

You will certainly will have to get your spouse removed from the existing mortgage if you plan to buy out their interest in the home.  

Your spouse will want to make sure that they are not legally liable for any mortgage payments after they have transferred their interest in the property to you in exchange for half of the equity in the home.

However, you can only make sure they are no longer legally liable for the mortgage payments by taking them off the mortgage by getting a new mortgage in your name alone.

4.   Should You Sell Your Home?

You might be thinking about selling your home.

When you sell your home, you don’t have to worry about figuring out what your home is worth since the marketplace will give you an answer with the offer that you get for the purchase of your home.

As well, you and your former spouse will both have the same goal now when it comes to your home: maximizing the price you get for your home since you will benefit from the highest prices you can get for your home.

When you sell your home, both you and your spouse must share in the costs of the sale.  If you decide to keep your home and sell it a few years later, you alone will have to pay the expenses for the sale of your home, including any costs to fix your home so that you sell it more easily.

You face some big issues if you decide to sell your home that you should take into account.  Where will you live after your home is sold?  You will be uprooting your kids from their friends and school.

You are facing enough pressure and stress from your separation or divorce.  When you have to get a home ready for sale and move to a new residence, that will put additional strain and stress on you and your kids.

As you can see, there are many important questions and factors you must consider about what to do with your home in your separation or divorce. 

By carefully answering these questions and reviewing these factors, you will be in a much better position to decide what’s the best approach to take in dealing with your home in your family law situation.

If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact me on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction. 

Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group

Please make sure to share this important information with your friends, family members and co-workers.