Buying out the ex - 1 Borrowing Power

Property settlement through a divorce or a separation. Hey, it's Aaron from Diagnostics and Finance. I just wanted to unpack in a couple of videos in regards to what you need to do to be able to buy the property from your ex. The first tip is that we need to look at what your income is going to be going forward. Have you had a joint business and there's income from the joint business with your ex coming into your tax returns if you're self employed, if you're a PAYG or employee, looking at what your income is going to be according to the debt that's left on the property. So you have to look at how your borrowing capacity is going to afford the mortgage that's already on there because that particular bank is going to want to be paid out because we're changing the title deed and you need to have a property settlement agreement in place because you need to try to get rid of all the costs associated with changing that title deed, which could be stamp duty. So looking at how that structure is going to happen, getting the right advice legally to be able to get the right documents, to be able to exclude a lot of the government costs as determined by the ACCS and legislation, then we need to look at your borrowing power so that you can afford both the debt that's on there and any payout figure that goes towards the ex, depending on the property settlement agreement. So that's borrowing power. Stay tuned to the next video and we'll talk soon.