Royal LePage Canada Top 1% Chairman’s Club (Based on Gross Sales for 2018)
Here are some thoughts to encourage you to ask the right questions and by asking the right questions you will be able to make informed decisions that will ultimately be in your best interest.
Before deciding which option you prefer, take some time to fully understand the implications of each of the three options.
If you choose this option, it is best to maximize the home’s selling price to provide each of you with as large a fund for a new home as possible. Many home owners make the mistake of failing to understand how much money each will walk away from the sale with. Be certain that you are fully aware of what your net proceeds will be. Remember that the proceeds may not be divided in half; the division depends on the result of your divorce settlement.
If you decide on this housing option, remember that the financial responsibility for this home will be yours alone. Even if you think you can manage the financial weight, if your two incomes combined were used to secure a loan, you may have trouble refinancing the property with only your income. Be sure to investigate the feasibility of this option before committing to it.
Some couples in the midst of a divorce may retain joint ownership of a property, even though only one person still resides within the home. Even though this situation may be temporary, it is important to be aware of the issues that will be of concern in the future (e.g. tax implications).