If you’re considering divorce or working through a divorce you are probably wondering how this affects your mortgage with your partner.

In the event of a divorce, the mortgage is paid out and any supplementary funds are sent to a lawyer’s trust account until a Separation Agreement can instruct how the funds are to be dispersed between the parties.

If the house doesn’t sell for enough to pay off the mortgage, both parties are jointly responsible for paying the balance.

The best thing you can do to prepare financially for a major life change is to meet with me early so that together we can review your current financial situation, your credit/debt situation, and your budget and explore your options.