MATRIMONIAL HOME AFTER DIVORCE

I Own a House with my Ex, How Do We Divide the Property?

During the separation or divorce, parties are to deal with the division of assets such as the matrimonial home. This property is usually acquired during the marriage and this is the property where the family lives. Division of property during divorce can differ greatly from one couple to another. While some couples may handle it smoothly and swiftly, others may encounter difficulties. The divorce procedure can be intricate, decisions are often done with emotions and usually lead to disagreements. The Family Law Act outlines a distinct process for addressing the matrimonial home during a divorce.

Who is entitled to the matrimonial home?

Under the Family Law Act, both spouses have an equal share in the possession of the matrimonial house. The law considers the property as a net family property upon calculation, even if one spouse owns it. It is important to note that if one spouse owned the marital residence before the marriage, its value would not be deducted from the couple’s net family property calculation.

Other matrimonial assets

These assets are acquired during the marriage and its as follows:

1. Other land, houses and/or condo
2. Registered Retirement Savings Plans (RRSP)
3. Bank accounts
4. Insurance policies
5. Canada Pension Plan (CPP) benefits
6. Valuable collections such as furniture, jewelry, and art

other properties might be considered as matrimonial assets. Contact our office to answer questions.

Matrimonial Home after divorce

When it comes to possession of the matrimonial home post-divorce, although both spouses have an equal right to occupy it, this doesn’t automatically imply equal ownership rights.

To decide how the property will be managed after divorce, the spouses must either agree on possession or ownership of the house, often involving one party buying out the other. Alternatively, they can seek a court order regarding possession of the matrimonial home. Another option is for both parties to agree to sell the matrimonial home.

Valuation of Matrimonial Home

Asset valuation is a crucial aspect of property division during divorce as it enables informed decision-making and equitable distribution of assets.
In essence, the value of matrimonial house(s) owned by spouses is determined based on their fair market value at the time of separation. This represents the amount a reasonable buyer would pay for the family property in its current condition, rather than its original purchase price or replacement cost.
However, the valuation process can be complex. The value of family property isn’t established until the trial or agreement that finalizes property division. Typically, reaching an agreement takes around four or five months, but if the case goes to trial, it can extend to two or three years.

Need legal advice?

When facing the complexities of property division in divorce, trust our experienced legal team to guide you through. We prioritize protecting your assets and ensuring a secure future. By addressing the intricate legal, financial, and emotional aspects of property division, we empower you to achieve a fair and favourable resolution. Reach out to us today for expert assistance in navigating this challenging process. You can contact us via phone at 416-409-5991 or email us at info@ajlawpartners.ca.

Dividing Property (justice.gc.ca)