What are your options?
When you decide to get divorced, there are three options regarding the house ranging from the simplest to the most complicated:
Sell the House
Sometimes the easiest solution is to sell the house and split the proceeds.
Many couples choose this option when:
- There is a decent amount of equity tied up in the house, and
- The mortgage, tax, maintenance & associated payments are, or may become, too much for one person to carry.
Keep the House (and Refinance)
You or your spouse may keep the house through a "buy out." The selling spouse usually insists on:
- Receiving fair market value for his/her share,
- Refinancing the mortgage in order that his/her name may be removed from the mortgage, and
- Quickly receiving his/her money, usually through increasing the size of the old mortgage.
Do Nothing
You could maintain the status quo, the house isn't sold or refinanced. Instead, the "move-out" spouse agrees to wait a certain number of years before the house is sold, often a time frame that corresponds with the children leaving home. The status quo solution may sound attractive, but there are many risks involved.
What are your options?
When you decide to get divorced, there are three options regarding the house ranging from the simplest to the most complicated:
Sell the House
Sometimes the easiest solution is to sell the house and split the proceeds.
Many couples choose this option when:
- There is a decent amount of equity tied up in the house, and
- The mortgage, tax, maintenance & associated payments are, or may become, too much for one person to carry.
Keep the House (and Refinance)
You or your spouse may keep the house through a "buy out." The selling spouse usually insists on:
- Receiving fair market value for his/her share,
- Refinancing the mortgage in order that his/her name may be removed from the mortgage, and
- Quickly receiving his/her money, usually through increasing the size of the old mortgage.
Do Nothing
You could maintain the status quo, the house isn't sold or refinanced. Instead, the "move-out" spouse agrees to wait a certain number of years before the house is sold, often a time frame that corresponds with the children leaving home. The status quo solution may sound attractive, but there are many risks involved.
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
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CENTURY 21 B.J. Roth Realty Ltd. Brokerage
INFO & SERVICES
CENTURY 21 B.J. Roth Realty Ltd. Brokerage
355 Bayfield Street, Barrie, ON L4M3C3
(705) 721-9111
INFO & SERVICES
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