What is your home worth?
Separation and divorce trigger a division of the family’s assets. Generally, the most valuable asset of them all is the matrimonial home. Ontario law singles out the home as the one asset that requires the highest level of legal protection. The matrimonial home is defined as the family residence that the spouses occupied at the date of their separation. There could be more than one home. It could include the Toronto home, the Muskoka cottage, the Florida condo, the RV and the boat. This legal right to a matrimonial home applies irrespective of whose name the home is registered in.
Considering the value of real estate in Toronto, most spouses want to resolve their divorce and the division of their assets as quickly as possible. That is why it is so critical that spouses do not waste time retaining a Realtor to help them sell the home, or buy out the other spouse or determine its market value.
So when a couple separates, they have 3 options:
1. The home is sold on the open market
2. One spouse buys the other out
3. They continue owning it together until they proceed with #1 or #2
The reason why #3 is so unpopular is that if its value drops, they lose money, and if its value jumps, it can be too pricey for one spouse to buy out the other, plus the bills on the home need to be paid by one or both spouses during their separation.
We refer our clients to Toronto Realtor, Samantha Graff Benmor of Harvey Kalles Real Estate Ltd. to provide a free Matrimonial Home Valuation and advice on when and how to sell the home.
With over 25 years of expertise in valuing, selling and buying real estate in the GTA for clients, we trust Samantha to use her knowledge, experience and network to assist our divorcing clients.
Click here to book a FREE Matrimonial Home Valuation.
Note: Neither Samantha Graff Benmor nor Harvey Kalles Real Estate Ltd. are affiliated with Benmor Family Law Group. There is no charge for the market valuation. Standard commission rates apply to any listing or purchase.Share this article on: