Are you looking at buying property while separated? There are some things you need to first consider.

It depends on your personal circumstances and goals. If you are considering buying property while separated, here are some things to consider…

Before making a big financial commitment, ensure that you have the necessary financial stability to support it. This includes a stable income, savings, and the ability to manage the mortgage payments.

If you have a separation agreement in place, it may outline the ownership of any future property purchases. It’s important to review this agreement before making a property purchase.

Can You Afford a New Property Amidst Separation?

In the event of a divorce, property division can become complicated. Purchasing a property while separated may impact how the property is divided in the event of a divorce.

Consider your future plans and what you want out of the property. Are you planning to live in it for the long term, or do you plan to sell it in the near future?

Timing can play a big role in whether or not buying a property is a good decision. If you are in the process of resolving your separation or divorce, it may be better to wait until these issues are resolved before making a property purchase.

Buying property while separated can be a good investment if you have the financial stability and long-term plans to support it.

It’s important to carefully consider the potential impact on your separation and divorce proceedings. Consult with a financial advisor and a family lawyer before making any decisions.

Finalize your divorce

Most people believe that after a separation from their spouse, they can purchase a new house or car and it has nothing to do with their spouse.

Generally, the family lawyers suggest that you finalize your divorce before you purchase new assets. Your ex-spouse might bring a claim against your new assets and it is not worth the risk.

You obviously need to get around town and live somewhere while you finalize your divorce papers. The advice from our family lawyers is that it is better to rent a car or house until your divorce is finalized.

Legal Separation And Real Estate

Scheduling to meet a lawyer is often extremely challenging and can take weeks. Also, you can learn more about family law.

With our new model, which we don’t believe exists anywhere else in Canada, you can get service quickly and easily.

The lawyers want to make the client’s life easier. No one wants to work hard at buying something or getting service. The one thing that no one has more of is time. You cannot get time back.

We believe that if we can help clients save time, we will gain clients’ trust. We want to make hiring a family lawyer as easy as possible.

How Long Should You Wait To Buy Property?

You should wait at least 12 months after separating from your spouse before purchasing new assets. The family courts have often taken the position that the financial relationship between two spouses ends after a year.

However, sometimes a family law judge allows a claim against an asset even after a year of separation has passed. It is always better to speak to a family lawyer before purchasing assets during a divorce.

Are you concerned about buying property after separation? It is always best to get legal advice from a family lawyer if you are not sure. Contact us. It is the easiest way to connect with a lawyer.

How Separation Affects Mortgage Approval Rates and Conditions

It normally doesn’t matter much what the title of the property says as each spouse is often considered to have equal ownership in the family house. This is true even if only one of the spouses is on the title.

Each province has slightly different laws regarding how a family house is treated during a divorce. It is best to speak with a family lawyer in your province.

Buy A House While Separated

Most often if one spouse owned the house before the marriage, the other spouse will only be entitled to half the increase in the value of the property.

The legal term for your family’s house is “matrimonial home.” You can also learn about real estate.

The courts will often look at how long the couple has been married to determine how much one spouse has to pay another spouse during the divorce.

The legal term for this is an “equalization payment.” As the term implies, the point of the equalization payment is the make both parties equal or to put them in a similar position.

The Emotional Toll: Is Now the Right Time to Buy?

As you can see from this article, there is a lot of uncertainty around family law. That is why it is always best to consult a family lawyer if you have family law questions.

Here are a few common questions that family lawyers get asked about buying property after separation.

• Will my ex-spouse and I divide all of our assets equally?
• How can I purchase a new property or a car without allowing my ex-spouse to get ownership of it?

Not all property is divided during a divorce. The only property that is divided is the family home and assets.

These can include many things but the most common are:

• Land
• Building
• Houses
• Condos
• Cars
• Boats
• Cash
• Joint-owned insurance policies
• Air Miles that both spouses contributed to
• Anything that you used a home equality loan from the family home to buy

Buying Property After Separation

If you want to make a purchase during the divorce process, it is critical that you use the money you earned after separation to purchase it.

Do not use money that in any way ties into the family home or other assets. If your ex-spouse can prove that your purchase in some way ties into the family assets, they may be successful in establishing a claim against you.

Some family lawyers might suggest that you wait at least a year before making the purchase. Other family lawyers might be even more strict and will want your divorce to be finalized before you make any large purchases.

Read more: Your Spouse is Cheating on You, Now What?

Real Estate and Legal Experts: Getting the Best Advice

It is best to book a consultation with a family lawyer to discuss the specific circumstances in your life.

Even if you are self-represented, you should speak to a family law firm that offers legal coaching.

The family law court system can be very confusing, especially when it comes to family law terms. It can be helpful to have a family lawyer part-time to help explain the system and terms. We are flexible about your family law needs.

Do you have questions about family law, divorce, child custody, family mediation, or family arbitration? What about spousal support, child support, or other divorce issues? Contact us.

Buying Property While Separated

If you have questions about buying property while separated, you can reach us via the live chat function in the bottom right of the screen.

It can get extremely complicated, and it’s worth spending some money on a lawyer to avoid your ex making a claim on your new property.

Author: Alistair Vigier, CEO of ClearWay Law