Do I Need a Separation Agreement?
- In almost all cases, a separation agreement is required as a fundamental component to securing you your new mortgage.
- A separation agreement is the initial process whereby both parties come to an agreement on any spousal support, child support, custody arrangements, and the division of relationship assets/ debts.
- Lenders will require a separation agreement to establish a better understanding of the affordability within your new mortgage, based on any support owed or received and the disbursement of any joint assets.
- In cases where no support is payable and there are no shared assets, we can request a statutory declaration, also known as a “stat dec”, with your lender, which will be signed at completion with your lawyer.