Separation & Your Finances

Get help finding a peaceful path through a challenging time.

Post-separation finances and home ownership: what’s next for you?

Even if you’re the type of person who always has a plan for a rainy day, chances are you never expected to find yourself here.

Whether you need help understanding your options or you just need help with what comes next, the REVO team is here to be an effective, compassionate, and human helper through your transition period.

Whether you’re keeping the family home, selling, or just setting out on your own, we’re here for you.

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Separation Finances and Home Ownership FAQs & Action Plan:

Do I need a legal separation agreement to get a mortgage or loan?

Most of the time you will.  The separation agreement gives the lenders visibility into any additional financial obligations you have or new payments you’re entitled to as a result of the separation.

Does my separation agreement need to be finalized?

We can arrange a mortgage for you based on a draft of your agreement, but it’s important to understand that any loan you qualify for is conditional on the terms of the draft agreement.  It’s safest to use your finalized agreement, but if that’s not possible, let’s plan together how to use your draft version.

Will I be able to qualify on my own?

Absolutely!  Use any of the mortgage calculators on this site or click any of the Get Started buttons to see how much you qualify for.  The amount you can borrow is a function of your income and nothing to do with your marital status.

Do I need to be divorced in order to qualify for a mortgage?

No.  You can start shopping for your new home as soon as you are separated but in Canada you must be separated for 12 months before you can get divorced.

How do I show ownership of my portion of any assets that are still co-owned with my ex-spouse?

Your separation agreement contains detailed documentation of division of your assets and will serve as official documentation for the purposes of your mortgage application. 

As a condition of most mortgages and loans, any assets being wholly transferred into your name will need documented confirmation of the transfers as they happen.

Should I use a different mortgage broker than my ex-spouse?

No. This may sound strange, all things considered, but there are many reasons why it’s much better if you both use the same broker.  This doesn’t mean compromising your privacy one bit along the way, it just means that we’re better able to coordinate having both of your deals close on time and mitigate any issues that pop up along the way.

READY TO GET STARTED?

We’re here to help and ready when you are.

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