About 70,000 Canadian marriages end up in divorce every year. It’s an emotional decision that’s almost impossible to decouple from the financial implications that follow.
Financial planners often say divorce is one of the worst decisions you can make, at least from a personal finance point of view. We know that, in general, married couples are wealthier than their single counterparts. Running separate households is always going to cost more than running a single one.
But even if splitting is the only option, it doesn’t necessarily mean that you can’t handle the real estate break-up wisely.
Timing can be everything: Waiting a few months could result in thousands of dollars in savings. Fees can be reduced if you can control when you have to sell. And, ultimately, if you’re selling on your own terms – rather than in a rush – you’re more likely to yield a better price.
Refinance is an option where one party chooses to keep the matrimonial home and sever joint accounts.
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