Mortgage Broker Family Law Property Settlement

Posted 19th February 2016 by Dirk Klicker

Mortgage Broker Family Law Property Settlement

In this Blog I discuss how a mortgage broker may assist in the family law property settlement process.

Why should you speak to a mortgage broker?

Where does an experienced mortgage broker assist in the family law property settlement process?

If you are married or living in a de facto relationship and are about to separate, then  at an appropriate time, you will have to turn your mind to having a family law property settlement with your partner so that you can both have achieve a complete separation including financially.

A family law property settlement as a matter of course will involve a redistribution of all of your assets and liabilities, whether owned jointly or individually, between you and your partner.

The Family Court as a matter of principle when performing a family property settlement will try to achieve an outcome that achieves a complete financial separation between you and former partner.

Therefore, after a property settlement all of your assets and liabilities will be allocated to each of you, either by agreement or by court order.

As part of this process it is recommended that you take advice from experienced family lawyer before you engage in the negotiation process or before you complete a family law property settlement, because a family law property settlement must be fair to both parties and must properly documented by consent orders or a binding financial agreement.

However, as a family law property settlement will involve a redistribution of your assets and liabilities, it is also recommended that you take advice from a financial adviser and a mortgage broker so that they can properly weigh up you financial options going forward.

In a family law property settlement there will always be a number of options for each of you to consider when you redistribute your assets and liabilities.

Reaching an agreement that is not financially realistic in terms of your financial circumstances can have disastrous financial and emotional implications in the future.

If each of the parties speak to an experienced mortgage broker they will be better able to ascertain what their borrowing capacity is in terms of their family law property settlement, so that they can properly decide which of the options for settlement are realistic, reasonable and fair in the short- and long-term.  Armed with this information the parties are then able to engage in more realistic negotiations in terms of their family law property settlement.

 What a mortgage broker can offer you?

An experienced mortgage broker should understand the needs of separating couples and that going through a divorce or separation is very stressful and that managing your financial commitments is often a very worrying part of the process.

You may be considering a number of different options in terms of your family law property settlement and need to take advice about your financial circumstances to decide which of those options is going to better suit your situation.

You may be thinking about any of the following options:

  • Whether I should buy my former partner’s share of the former matrimonial home?
  • Whether l should sell to my former partner my share of the former matrimonial home?
  • Where am I going to live after the family law property settlement?
  • Should I buy a new house after the family law property settlement?
  • Where can I afford to live or buy a home after the family law property settlement?
  • How much will I have to borrow to achieve the outcomes that I want?
  • What will be repayments be if I have to take a mortgage to perform the family law property settlement?
  • Where can I go to get the best mortgage rates?

It is important to know where you stand financially when you are making these important and life-changing decisions.  You have to know if you can afford to achieve the outcomes that you want.

Different financial institutions have different lending policies and borrowing limits and there are quite a number of different financial institutions to choose from.  There is such a broad range of choice in terms of mortgage products that it is very difficult and time-consuming to have to research all of this information yourself, especially when you are dealing with the emotional stress that is involved in a separation.  It is important to ensure you have the right solution for your situation.

Mortgage brokers have access to a panel of lenders and can help you find the one that is right for you.  Having this broad range of lenders will increase the likelihood of you getting the option that better suits your financial situation and needs.

An experienced mortgage broker will have helped many clients achieve financial piece of mind.  They should be experienced and friendly and will want their clients to get the best outcomes they can.

An experienced mortgage broker will advise you about everything that you need to know about each of the available mortgage products, such as the mortgage rates, the maximum amount you can borrow and how much the repayments will be, so you can be comfortable negotiating the terms you want regarding your family law property settlement.

They should make the whole process stress-free by doing all the paperwork and running around for you.  All you have to do is telephone them and they will get things moving for you.

Generally a mortgage broker’s home loan services will come at no cost to you and with no obligations whatsoever.  They will provide you with all the information that you need without any obligation that you have to obtain a mortgage from them.  And, if you decide to go forward and obtain a new mortgage with them, then their service will cost you nothing.

A mortgage broker’s services are completely confidential.

I have referred clients to, and have received back positive feedback about, Mortgage Choice Perth, who provide an experienced and award-winning mortgage brokering service that is sensitive to the needs of separating parties.