Maybe it’s a sign of the times, a reflection of today’s society perhaps or maybe just a fluke but I seem to have done more loans for separations/divorces in the last year than I would have collectively in my 17 years in the world of finance.

I’m not passing judgment, merely making comment on what appears to be occurring more often and how that may impact a finance application. That after all is what I do, I’m certainly no marriage expert but I like to think I know a bit about helping people get a home loan.

I guess the main decisions if a house is already owned are, do they sell it or does one party buy out the other. There are probably other scenarios but these two seem the most obvious. If there are children involved in the separation, this also affects the way the assets are split, just something else to consider.

Legal advice is paramount, for both parties. I won’t say it’s an absolute must, but it is necessary most of the time from what I’ve seen.

In the end if a finance application is involved there is generally a need for a stamped “Family Court Agreement” which essentially draws a line in the sand as to who gets what etc. If an amicable agreement can be reached, it’s better for everyone.

It can take 2 years to get to court to even start battling should that path be chosen. I would think there would be a vast amount of emotional turmoil to, dragging it out over such a timeframe.

From what I’ve seen, if both parties get independent legal consultation and speak to a financial planner they can normally make good, sound and most importantly informed decisions.

The Family Court also has people they can speak to which I’m sure can only help.

To get a finance application moving forward properly, we need a signed, stamped Family Court Agreement. From there we can sort out a finance application for one or both parties, which then allows each to get on with their lives. To me the quicker it gets sorted the better but that’s just my opinion.

There are numerous lenders on our panel so we can normally find an option, even for those quirky situations.

As with everything, just making an informed decision is the most important thing, for everyone.