Posted by: MonsterMortgage.ca
I have had the pleasure of assisting many first time home buyers get the mortgage that is right for them. Most of these clients are new couples or partners looking to further advance their relationship and it is genuinely an exciting and memorable process and experience for them and myself as their mortgage agent. However, I have also been depended on to help clients with develop a mortgage strategy when their relationship has taken a turn for the worse and it is ending in separation or divorce.
In the majority of these cases most of the distress or conflict encompasses the split or ownership of assets and liabilities from the relationship i.e., who gets what from the relationship, including who gets the property and the mortgage that comes with it. One vital factor when assessing and arranging a mortgage is credit and the obligation of debt. In many cases, I have witnessed that due to the conflict in the relationship, debts are not being managed or paid resulting in poor credit.
Whether you are a new couple or have been in a relationship for a while, it is wise to understand the implications a separation in your relationship can have on your mortgage.