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Understanding Real Estate in Divorce Proceedings A Focus on Ontario
During a divorce in Ontario, both
spouses have equal rights to the matrimonial home, regardless of whose name is
on the title. This remains the case until the divorce is finalized or a
settlement is reached.
The entire value of the matrimonial
home as of the separation date is considered in asset division, not just the
increase in value during the marriage.
In certain cases, a court may grant
one spouse exclusive possession of the home temporarily, impacting both
parties’ living situations and financial planning.
In Ontario, asset division aims to
equalize the net family property acquired during the marriage, with real estate
often being a significant component.
Accurate valuation of real estate as
of the separation date is essential, along with consideration of associated
debts like mortgages.
If one spouse takes full ownership
of a jointly held property, legal steps must be taken to transfer the title.
Facing a divorce in Ontario? Real
estate division can be complex. Engage a skilled Toronto divorce lawyer early
to ensure all aspects are thoroughly addressed for a fair outcome.
For more at DivorceOffice.ca
or call us for a consultation at (416) 519-0699.
