Re: In case of a divorce, what happens to the marital home?
Posted: Tue Aug 20, 2019 7:43 pm
Hello Jenna. Welcome to the forums.
In case of a divorce, the marital home goes into the asset pool unless there’s a prenuptial agreement stating that one partner keeps the home. Seek legal and financial advice about what you can afford and how all your assets work together to bring financial security and independence.
And yes, you can buy out your partner on a mortgage. The key factor will be whether or not you can qualify for a mortgage on your own. That means you must meet the standard bank policy without your partner’s income.
If you qualify then:
Give us a call on 1300 889 743 or fill in our free assessment form to discuss your options when buying out a partner from a joint mortgage.
Cheers,
In case of a divorce, the marital home goes into the asset pool unless there’s a prenuptial agreement stating that one partner keeps the home. Seek legal and financial advice about what you can afford and how all your assets work together to bring financial security and independence.
And yes, you can buy out your partner on a mortgage. The key factor will be whether or not you can qualify for a mortgage on your own. That means you must meet the standard bank policy without your partner’s income.
If you qualify then:
- You can refinance your home loan and payout your partner’s share.
- You can refinance up to 95% of the property value. You’ll have to pay Lenders Mortgage Insurance (LMI) when borrowing over 80%.
- Homes cost a lot of money to get in and get out of (Purchasing and selling costs).
- Often, partners are forced to sacrifice their other assets and end up selling the property.
Give us a call on 1300 889 743 or fill in our free assessment form to discuss your options when buying out a partner from a joint mortgage.
Cheers,