Mortgage and Other loans

Mortgage and Other Loans

If you are currently going through divorce you may be wondering what will happen to your mortgage and other loans, post divorce. Here are a few things to consider on how payments will be organised in the future.

• Lender contact – Let your lender know you have separated.
• Repayments – Work out a plan to cover mortgage repayments during the property settlement.
• Redraw – Consider cancelling any redraw options on your home loan or ask the bank to require joint signatures for any withdrawals.
• Legal protection – If your home is only in your ex’s name, talk to your lawyer about whether you need to protect the property with a caveat.
• Utility bills – If you are staying in your home, put all utility bills (phone, internet, electricity, gas) in your name only. If you are moving out, take your name off all utility bills. You may need legal advice if there are any bills owing.
• Trouble with debt – If you are finding it hard to keep up with your bills, talk to the company and let them know you are experiencing financial hardship.

Divorce Financial Advice are here to help you make the best decision that is right for you. That is why if you are in need of financial advice do not hesitate to contact us here.