When Divorce Rocks the Matrimonial Home
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.