Divorce is frightening, even before you ‘take stock’ of all the financials. See a professional to help you “unpack” the process, and understand what will work best for you, so you can reach financial recovery sooner.
Divorce can be very frightening, and is an emotionally volatile time for all parties involved (even grandparents). It can be very overwhelming to think about all the things that need to happen before you can start moving forward with your life. Most people either don’t want to think about, or don’t know where to start, with the financial steps they need to take before they can reach financial recovery.
Asking for help is a good option and there are many good mortgage brokers that can help you “unpack” the process. Du ring a divorce it is common for one party to want to keep the home, especially if the children have grown up there. In this instance, both parties need to have a good understanding of their maximum borrowing capacity, so they can individually or jointly decide on the best outcome for themselves and the children.
When John and Mary were going through a financial separation, Mary was seeking a 50% split of their combined assets. After seeing a mortgage broker, they learned that John’s maximum borrowing capacity was $50,000 below what was needed for a 50% split of their combined assets.
Once Mary could see that asking for a further $50,000 would mean that John would be forced to sell the house, they agreed that Mary would instead receive a lower up-front payment and regular payments over time to make up the difference.
The information they gained from the meeting with their broker helped them to decide on the figures in their Binding Financial Agreement.
Call Rachael Hunter if you have any questions relating to your figures in your Binding Financial Agreement.