 26HOMES EXTRAThe Edmonton Sun n Saturday, May 5, 2012Breakup propertyThere are a few things to look out for when purchasing a home after a divorcePurchasing property after a marriage ends can come with a complex set of issues, whether you are doing so on your own or with a new partner. Ray Leclair, an experienced real estate lawyer and acting vice president of publicaffairs at LawPROsuggests that these homebuyers consider the following issues when buying property the next time around: Have you finalized your divorce or separation agreement? If you are still legally married, there could be obligations which have not yet been determined and could affect your mortgage eligibility and availability of funds for a house purchase. Are you buying a home to live in with anew partner? Will you and your partner be sharing the cost? The answer could affect your rights in the property. Monies invested into amatrimonial home may have to be equally divided when the marriage breaks up even if both parties did not contribute equally. Have you considered a marriage contract or cohabitation agreement? New issues can arise when purchasing property with a new partner. Even if you do not plan to marry your new partner, you should consider consulting a lawyer about a cohabitation agreement. This would protect your interests should the relationship end and would address issues around unequal financial contri- butions to the new home. Do you have children from a previous marriage?Does your partner? In the event of your death, would your partner inherit full ownership of the home or would your children? Have you talked about whose family would inherit the property when you both pass away? Do you have financial obligations from your previous marriage? Are you responsible for spousalorchildsupport? Do you still have joint lines of credit with apast spouse? Is your name still on the mortgage for your former marital home? These are all questions the bank will consider as you apply for a new mortgage. Your previous marital financial obligations may impact your ability to buy the nexthome of your dreams. Are all your agreements consistent? As you enter into new agreements, you should ensure that any estate planning documents are consistent to avoid conflict and possible litigation, including property agreements,orders,wills, insurance policies and powers of attorney. A buyer who has been in a previous marriage can have some tricky issues to navigate and every situation is unique. Working with an experienced real estate lawyer will help ensure that everything goes smoothly. - News Canada AD{CS4176744} TheVITTORIA DolceVita Homes is aBuilder of Excellencefor providing "AnOutstanding Home Ownership Experience" forSingle-Family Homes in Edmonton. This is the second awardDolceVita Homes has received from J.D.Powerand Associates. *For J.D. Powerand Associatesaward information, go to jdpower.com.NOW PRE-SELLINGSuzanne FoisyGold &Silver Plateau Award Winner(780) 756-3403 sfoisy@dolcevitahomes.ca 20304-44 Avenue, Edmonton, ABNEWDUPLEXESLIMITED TIME PRESALE PROMOGraniteKitchen Countertops Wood Railing with Iron Spindles Upgrades INCLUDED.Hampton PointeWWW.DOLCEVITAHOMES.CA
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