16 Apr Sorting finances during a separation
Separation and divorce are among life’s most emotionally and financially challenging experiences. Owning property together can make things more complex.
Peter Barry, one of our Mortgage Advisers, says “Unfortunately we see this often, but we can help our clients – together or separately – work through the financial implications of separation.”
What happens to the family home?
- Should one partner buy out the other?
- Is selling and splitting the equity the best option?
- Can one person afford to take on the mortgage alone
These are difficult questions with significant financial consequences. We can help work out the best option based on your unique circumstances.
How can a Mortgage Adviser help?
By involving a Mortgage Adviser early on, you have a neutral, expert guide who can give unbiased advice. Both parties make informed decisions and hopefully avoid conflict and costly legal disputes down the line.
Peter and Judy, our Mortgage Advisers, assess your financial positions, review mortgage affordability, and explain your options clearly.
If one party wishes to remain in the home, we make sure they are able to afford the mortgage by themselves. We can also help the transfer of the mortgage into just their name.
In many cases, individuals may need a new mortgage for a fresh start. We can work with them to get a solution based on their new situation.
What about insurance?
Judy Steiner, who also specialises in insurance advice, can help you sort out your insurance cover. “In my years as a Mortgage and Insurance Adviser, I’ve found that being the calm, practical voice in the room, really helps people through separations. Providing stability during one of life’s most unsettling transitions.”
You may have joint policies that need splitting, or need to add new insurance cover to accommodate your new situation. Judy can help you get adequate cover for whatever the circumstance may be.
Helping you move forward
Whether you are keeping your home, selling and downsizing, or finding a new place to start fresh, we can provide the clarity and support needed to make smart, informed choices, at a difficult time.
If you’re going through a separation, don’t do it alone—get professional advice that works for you. Give us a call at Mortgage and Insurance Link Hawke’s Bay.