Moving on from divorce as quickly as possible.
The divorce process can be long and difficult or it can be relatively short and simple. The cooperation or not of the two parties involved being the prime reason. Whichever course it takes, most people want to get it completed and move on with their new life as quickly as possible.
If there are children involved in the divorce, they obviously are a priority, but next in line is typically sorting out who gets what. There can be many assets to make decisions about. Unless there is a substantial business, investments etc to distribute the major asset tends to be the family home and the loan that goes with it.
In the interests of speeding up the divorce process, and getting to the other side as quickly and easily as possible, getting professional financial help can be very beneficial. The property will need to be valued so you know the amount of equity in the home. This valuation will also help in determining the amount of lending that can be secured on the property in the event you have to pay out your partners share of the equity.
You need to determine early in the process whether you can afford to pay the loan after divorce or not. You can decide to do this yourself, which would normally involve talking to your current bank or lender. This is somewhat hit and miss, depending on the lending policy of your existing bank. Or, you can get professional financial assistance from a person such as myself who deals with this situation regularly and has a number of different options to explore.
Dealing directly with your bank at this point in your life can be very stressful, particularly if they decline your application. Panic can set in and get you thinking about what to do next, or even thinking that you have no other option but to sell. Professional financial assistance can help. It reduces your stress levels and you have someone on your side working to help you get your future life in order as quickly and easily as possible.
If you are in or approaching this situation, talk to someone who can help you. Paul Gilhooly 0410 520 398 or paul@halogenhomeloans.com.au. Why make it harder than it needs to be?
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