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