Every situation is different, but the process is the same for all. We need to discover what stage you are at in the divorce process.
- What will your likely income be when things are finally settled (support payable? support receivable? etc.).
- What equity or down payment will you likely end up with?
- What does your credit rating look like?
- Do you have a credit rating?
- What is your job and how long have you worked there?
The answers to these questions all need to be considered in order to come up with a plan for you. Initially, it will be based on several assumptions. When all variables are finally known, we will have to revisit the assumptions we have made to determine what amount of mortgage you will qualify for.
At the outset, often the best we can do is project what we think the final picture will look like. Your lawyer will often help us with these projections for equity and income matters.
Where will you end up living?
There are only a few options here.
- You will buy another home.
- You will buy out your partner and keep the current home.
- You will rent a home.