When a couple makes the decision to end their marriage, it can bring up many complicated questions. Among the most common of these pertain to the division of property in a divorce, most notably the family home. Thankfully, there are a variety of options here in British Columbia for a divorcing couple to handle the complicated matter of a mortgage in a divorce situation.
There exists a program called the Spousal Buyout Program, which works in much the way the title would suggest. That is to say, it is possible for the home to be sold for 95 percent of its original value. Technically speaking this sounds like a refinance, but in reality, the program allows one spouse to buy out the other should that spouse seek to maintain possession of the home.
In order to qualify for this program, however, both spouses will need to have secured a Legal Separation Agreement (or LSA), in which both parties have retained independent legal counsel. An appraisal will also need to be conducted to determine the real value of the home. Working with divorce attorneys can help to expedite this process and get both parties the paperwork they need to proceed.
Divorce can be a difficult enough transition without further complicating matters by attempting to tackle the finer points of the law without help. Here in British Columbia, residents seeking divorce have a wide variety of support available to them. This includes the services of experienced attorneys who can help ensure both parties are prepared for their responsibilities during the divorce process.