When Di­vorce Rocks the Matrimonial Home

Ottawa Business Journal - - COMMENTARY -

We’ve all heard of peo­ple who stay in an un­happy mar­riage for the sake of the kids. But what about stay­ing mar­ried for the sake of the house? It may sound crazy, but many of us have deep rooted at­tach­ments to our homes.

The lat­est Cana­dian study shows that 40 per cent of first mar­riages end in di­vorce. That’s a lot of peo­ple fac­ing the same tough de­ci­sions about what to do with the “matrimonial home”. Some can af­ford to stay in the same dwelling, but sadly, many can­not.

Should you find your­self in one of these un­for­tu­nate, yet ever so com­mon, sit­u­a­tions, here is what you need to know. In On­tario, the Fam­ily Law Act states that the full value of the matrimonial home should be di­vided equally be­tween you and your ex. It doesn’t mat­ter whether one of you bought the home prior to your mar­riage, whether it was left to one of you in a will, or whether only one name is on the ti­tle. The only ex­cep­tion to this 50/50 split oc­cur when a pre-nup­tial agree­ment ex­ists, or when the court finds un­usual cir­cum­stances that make such a split un­fair.

Re­mem­ber that talk­ing to a pro­fes­sional is the best de­ci­sion you can make for your­self and your fam­ily.

Sell­ing the home to a third party is of­ten the best sce­nario from both a fi­nan­cial and an emo­tional per­spec­tive. By the same to­ken, it can be dif­fi­cult. A good real es­tate pro­fes­sional will guide you through this process with min­i­mal dis­com­fort and help serve as an ob­jec­tive voice.

From Award Win­ning Bro­ker, to Best Sell­ing Au­thor, to In­ter­na­tional Speaker - you won’t find any­one who knows more about Real Es­tate than Marnie Ben­nett – founder of Ben­nett Prop­erty Shop Realty, a full pre­mium ser­vice real es­tate bro­ker­age spe­cial­iz­ing in mar­ket­ing and sell­ing new and re­sale homes, con­do­mini­ums and in­vest­ment real es­tate. Con­sid­ered one of Canada’s most highly-re­garded Real Es­tate pro­fes­sion­als, Marnie is the host of the two weekly ra­dio shows for Rogers Me­dia and Bell Me­dia, and is a syn­di­cated colum­nist.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.