Whoever is in possession of the home is more likely to be the custodial parent.
The Matrimonial Home – The Pivotal Asset in Your Divorce
For most couples, their matrimonial home is their largest asset. However, the importance of this asset in your divorce or separation is not limited to the value of your home. Rather, how the matrimonial home is handled can impact virtually every aspect of your divorce and, without proper legal advice, can fundamentally alter the outcome of your divorce. It is truly is the pivotal asset in resolving your separation or divorce.
MatrimonialHome.com seeks to raise awareness about the need for early and experienced legal advice to ensure proper consideration is given to this important asset which will impact the course of your divorce, including property division, custody, child support, spousal support and a myriad of other issues. Proper and early legal advice is crucial to not only managing the fair and proper outcomes of, but giving you the peace of mind to deal with the stress and uncertainty of a relationship breakdown.
Elliot S. Birnboim has been providing dedicated and strategic legal advice for over 22 years to help navigate and manage optimal outcomes on divorce, including the impact of the matrimonial home on:
- Child custody: Courts will usually consider it to be in the best interest of the children to remain, at least initially following separation, in the matrimonial home. A spouse who remains in the matrimonial home is therefore more likely to retain custody rights.
- Child Support: If a party remains in the matrimonial home with the children and the other spouse is “out”, child support is likely to flow to the party in possession of the matrimonial home.
- Spousal Support: If a party has care of the children, they are more likely to be getting (and getting more) spousal support. However, even where there are no children involved, possession of the matrimonial home may dramatically impact the need for the quantum of spousal support.
- Property division: The matrimonial home is one asset in the division of family property. However, legally speaking, it is treated differently than any other asset in some complex and often surprising ways – and often it is the only source of funds to satisfy and equalize property division payment
- Sale of Matrimonial Home: One spouse may want to “buy” the matrimonial home from other, another may want to sell it on the open market. Legal advice on navigating whether or not to sell the matrimonial home is often the key to ensuring an optimum outcome on your divorce.
- Exclusive Possession of Matrimonial Home: Courts may or may not grant a spouse “exclusive possession” of the matrimonial home – however the advantages that flow from such possession, including the impact on every other issue are significant. Often, the most important factor is getting early advice from an experienced family law lawyer to ensure that the right to possess the home is not lost.
- Business interests: The role of the matrimonial home in the equalization of net family property is often of particular importance when one of the parties has a business. Understanding the distinction between business assets and the matrimonial home in a divorce, from a tax perspective, from an income perspective, from a security perspective and from a settlement is crucial and requires sophisticated legal advice.
The Bottom Line: Think Ahead
There is no substitute for early and experienced family law advice. The early decisions, immediately before or after separation, good or bad, often are the best predictor of a fair and successful outcome to your divorce. MatrimonialHome.com is committed to ensuring that immediate access to intelligent and experienced legal advice is available when you need it the most – now.
Email now at firstname.lastname@example.org or telephone at 416-368-6200 for prompt advice within hours (sometimes minutes) from Elliot S. Birnboim.