Mortgage Blog

Separation Mortgages

January 10, 2023 | Posted by: Sharon Patton

Have you decided to separate or divorce? There are so many questions you are asking yourself starting this journey that no one expects to take.

Having been through this experience myself and navigating blindly through the process I co-founded The Separation Network with a realtor. We work with you to help you answer those tough questions when it comes to your matrimonial home and find the best option for moving forward. 

Let's look at some of the questions you may be having and look at options we can bring to the table. 

'Where do I start?'

The first thing we need to do is get organized. There are various financial items you will need: 

  • Income documents 

  • List of Assets 

  • Outstanding Debts 

  • Pre-Approval 

  • Separation Agreement

We are here to help you gather everything you need to make the right decision moving forward. 

'Should I get a Pre-Approval?' 

This is one of the most important steps to take.  You will need to work on a pre-approval before you can finalize your separation agreement.

  1. You need to know what you can afford going forward.

  2. Can you do a spousal buyout and keep the matrimonial home, or will you be moving?

This will now give you a roadmap for moving forward.


'Do I need a Separation Agreement?' 

The answer to this is YES!!

Having a separation agreement in place is important in order to move forward. It outlines what will happen with the matrimonial home, shared assets and debt, support, and child custody. 

We can direct you to a family lawyer or mediator that can work with you to have this agreement prepared if you do not already have one. 


'What are my options when it comes to the matrimonial home?' 

Some options to consider: 

  • Spousal buyout 

  • Sell 

  • Purchase 

  • Rent 


These lead to other questions such as: 

  • How much is our home worth in today’s market?

  • How much can I qualify for on my own? 
  • Can I afford to buy in my current neighborhood?
  • What are the penalties if we sell? 


 Having an experienced separation mortgage specialist and realtor can help highlight your options and avoid costly mistakes. 

We are here to explore the best option that suits your financial needs. 

Taking that first step is overwhelming and likely the hardest one to take. We are here to help you navigate through this difficult journey one step at a time.

If you or someone you know is thinking about a separation or divorce, let us take some of the stress away and equip you with the resources you will need to move forward. 

We are here to help you navigate this unexpected journey. 

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