What Happens With Your Mortgage in a Calgary Divorce?
April 28, 2016
At GDE Family Law, one of Calgary's premier family law and divorce law firms, we are committed to ensuring our clients have the most reliable and relevant information available so they can make informed and effective decisions regarding their Calgary divorce. This includes the many financial aspects of a divorce in addition to other practical issues that can affect your ability to effectively move forward with your new life after a divorce.
One of the key considerations—and concerns—for many in Calgary who are going through or considering filing for a divorce is the home you and your spouse own. When you both live in and jointly-own your home, deciding who gets to keep the home or if it should be sold is often a point of content.
It isn't just the emotional attachment to a home or the practical issues involved in moving that make this issue one of the most significant in many divorces, either. The financial entanglements and certain features of the real estate market can also make dispensing with a Calgary property property a difficult process, even if you and your spouse agree on what should happen with the home.
And the news media isn't helping the situation.
Are Divorces Contributing to Calgary Mortgage Defaults?
At a time where our economy is doing relatively poorly, it's little surprise that more Calgarians than usual are struggling to pay their mortgage. This report by the CBC cites a representative from a mortgage lending institution suggesting that couples going through a divorce are a significant part of the uptick in those struggling to make their house payments.
While there is no doubt that a divorce can significantly change your net worth, and while it is true that divorces can have complex ramifications on your ability to secure a loan until things are settled, a divorce shouldn't make it more difficult for you to pay for a mortgage that you are able to afford anyway.
All of these are very complex questions that cannot be answered in a general way—every Calgary divorce is different and requires a unique understanding of the various factors involved. What happens with your home and your mortgage, including your ability to pay your mortgage during and after your divorce, is not subject to any "trend" reported by someone at a bank or by any media outlet. Your situation is specific to you, and you have options available.
Seeking Help for YOUR Calgary Divorce
For advice you can actually put to use, and knowledge about your divorce and the mortgage on your Calgary home that is truly relevant, your best bet is partnering with an experienced Calgary divorce lawyer. Get started today—contact our office to schedule an initial appointment.
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