Divorce and Property
Don’t let the emotional pain of a failed marriage make you “an unsung hero” on your life’s biggest investment, your home! Take a deep breath, a step back and reflect!
Going through my own divorce several years ago gave me firsthand experience and combined with my career in real estate I am able to share with you some of the things that I went through and hopefully help you along your path.
Who Gets the House?........
In Ontario the matrimonial home is the family home and is usually owned by both spouses regardless if only one name is on title or not. This may differ depending on conditions in a marriage agreement if you have one.
“Offers of Purchase and Sell” agreements put out by most real estate associations have a section for spousal consent if you are not on title (house not in their name). If you are not on title, you still have to give your consent.
If you agree to one of you taking the home in a settlement, your lawyer will ensure that the registered title is changed to reflect only your name.
You may find it to be helpful speaking to friends/family before you make a decision so that you get another opinion.
TIPS:
Consult a lawyer that specializes in family law for your protection. Sooner is better than later so you know your rights. It will alleviate any worries you may have.
Who Should We get to Sell Our Home...Family, Friend, Other?
Real Estate sales representatives (rep.) that are friends or relatives that may have been close to both of you during the course of the marriage may favour one of you over the other. Who did the sales rep. know first? After a period of time who is that sale rep. going to be friends with?
If the friend/relative sales rep. is loyal to your soon to be ex spouse, it’s possible that they put pressure on you to sell or make a decision that you may not have under normal circumstances. It’s hard enough to sell a family home under the best circumstances, but when you are also divorcing? Most likely you are in an emotional state and although you may think you are capable of making proper decisions, you may look back a year down the road and say to yourself “what did I do”?
If you have to make a mistake, make it on insulting a friend or relative by not using them on the sale of your property and not on your biggest life’s investment.
Contact Sharon to discuss options.
