Selling a house due to separation or divorce can be stressful on all parties and this is where we come in. I have gone through this before. Trust me, I get it. You are dealing with managing finances, trying to maintain a normal homelife for dependents, figuring out what is best for you and what you are going to do after this is over. Our job is to make the sale process as quick and easy as possible, provide you the best advice and keep communication open for both parties so there are no surprises.
Divorce and owning real estate is a difficult combination. One of the biggest challenges is timing. “You can apply to the court any time after you separate - the court will not grant a divorce until you have been separated for at least one year. A divorce is automatically final 31 days after the court grants a divorce if no appeal has been filed.” https://www2.gov.bc.ca/gov/content/life-events/divorce/family-justice/family-law/separation-divorce/what-do-i-need-to-know-about-getting-a-divorce
Often in a divorce situation there is a division of assets and often one of those assets includes a house. There are a few things that can be done in this situation. 1. One spouse could buy the other spouse out. 2. Sell the property and divide the assets. In both cases it is important to have several facts. 1. Did one of the parties already own the property or sell a previous property for part of the down payment? If so, then the division of assets may only be the increase of the value in the property or the value of the property less the down payment. 2. What is your household debt, including the mortgage, car payments, credit cards etc. This includes debt one or the other party may not know about. 3. Common exclusions of joint property are assets you owned before living together and inheritances or gifts that only one spouse received. https://family.legalaid.bc.ca/finances-support/property-debt/dividing-property-and-debts-after-you-separate
The division of assets is complicated and requires expert legal advice.
If you are facing a divorce situation this is my immediate advice. Limit the credit on your credit cards, ensure you are staying on top of your debt with at least minimum payments, figure out what the total assets and liabilities are for the household debt. If you have any joint lines of credit, credit cards, etc ensure these are not utilised without both parties in agreement. If you have joint accounts ensure the accounts are not being drained by the other party. Both parties need to protect their credit and their assets, and as we read above, this is a long process so the better the communication and understanding of the outcomes is paramount.
The Worthy Group gets it. We can facilitate the sale of your home efficiently, effectively and with the least amount of stress on all parties involved. That’s what we do.