Divorce is an unfortunate common problem for many people in Adelaide, and the untangling of houses, loans and other assets through the separation period can seem like a daunting task. When it comes to the marital home or any other properties owned, there is three main options when it comes to divorce:
- Continue to both hold the property jointly
- One party buys out the other party
- Sell the property
The second option generally is the most common – with one partner buying out the other. Selling is seen in many cases as undesirable, due to the costs of real estate agents, bank charges, legal fees and the costs to buy another home if you want to re-buy – meaning 10’s of thousands of dollars lost.
So assuming you or your partner wants to buy out the property and take over any debt on it – how does it work? Lenders have specific rules on how to handle divorce settlements. To have one party takeover the loan you would need to do the following:
Gerry Bosco is an expert mortgage broker in Adelaide with extensive experience in helping clients through the transition of separating their lending during a divorce. With his understanding of what can be seen as a complex process, he will be able to assist with making sure the correct paperwork is completed and that the process runs smoothly – taking away stress and avoiding costly mistakes.
Need advice on finding the right conveyancer or solicitor to help with your divorce? Gerry can also provide you with contacts to the relevant professionals to help you through this transition.