There are specific laws that may complicate the division of assets and debts. In Ontario, the law places the rights to the matrimonial home in a separate category. Few people know that the act of marriage creates an automatic equal ownership of a family residence, regardless of who paid for it.
Each spouse is entitled to occupy the home, regardless of who owns it. Few people know that a spouse who owns the home before marriage may need to share its total value with the other spouse at separation, even though that other spouse made no contribution to its purchase.
Separation and divorce trigger the division of the family’s assets. The most valuable asset of all is the matrimonial home. 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 buyout the other, plus the bills on the home need to be paid by the spouses during their separation and this can cause conflict.
We refer our clients to Toronto Realtor, Samantha Graff Benmor of Harvey Kalles Real Estate Ltd. to provide a free Matrimonial Home Valuation & advice on when and how to sell your home. With over 25 years of valuing, selling and buying real estate in the GTA for clients, we trust Samantha to use her knowledge, experience and expertise to assist our divorcing clients.
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.
Steve Benmor and his team of divorce professionals have been advising clients on their rights to the matrimonial home for over 25 years. To get personalized advice from Mr. Benmor today, call 416-489-8890 to Book a Strategy Session.
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