Divorceworkshop Blog
WHAT HAPPENS TO YOUR HOME IN A DIVORCE?
The first step in addressing the future of your home in a divorce is to determine the ownership. In Ontario, the matrimonial home is treated uniquely compared to other assets. Regardless of which spouse holds the title, both parties have an equal right to stay in the house until a separation agreement or court order states otherwise. This rule ensures that neither spouse can sell or mortgage the home without the other's consent.
STEP 2: VALUING THE HOME
The next step involves valuing the home to determine its worth. This valuation is typically conducted by a professional appraiser who will consider factors such as the current real estate market, the condition of the property, and comparable home sales in the area.
Accurate valuation is critical, as it impacts the division of assets and helps determine whether one spouse can afford to keep the home or if selling is the best option.
STEP 3: DECIDING ON THE FUTURE OF THE HOME
Creating a Post-Divorce Financial Roadmap
Divorce is a significant life transition that brings both emotional and financial challenges. As you navigate the complexities of ending a marriage, one essential aspect is to create a financial road map for life after divorce. This road map can help you regain control of your financial well-being and set the foundation for a secure future. In this blog post, we'll explore the steps to construct a post-divorce financial road map that empowers you to thrive independently