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My husband and I have separated to divorce. I have decided to keep the family home while he gets a new place. We are splitting the equity of the home when I refinance in May. Other than refinancing to get the mortgage only in my name and paying him out his half, what other steps are required to remove him from the property? And is there anything that needs to be done with splitting the mortgage debt, or because I'm choosing to keep the house is the debt just mine?
04 days ago
Dawn Nelson - Dawn L. Nelson, Barrister & Solicitor (Edmonton) Verified Lawyer
Hi Billie,
Congratulations on working amicably! It is always best when separating couples can work out their own agreements, However, division of family property is a lot more complex and involves a lot more than just the home. You need to address pensions, other assets, all of the family debts, and so on, It would be a good idea to pay for a consultation with a family law lawyer to go over all of the rights and responsibilities in your specific situation. You can even hire a lawyer on a limited scope basis to create a Matrimonial Property Summary that will show you what a proper equalization payment would look like.
Although you can go to Land Titles and the bank on your own to do the proper paperwork, I would suggest you hire a real estate lawyer to make sure everything is completed accurately. You will have to get a new mortgage and yes, it will be just yours. You will have to borrow enough to pay out the existing mortgage and provide your husband with his share of the equity in the property. However, if there are other assets involved, the dollar amount may not be exactly half of the equity. Best to talk to a lawyer in a confidential setting so you are not over or under paying to keep the house.
12 days ago
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