Spousal House Buyout in Divorce
Helping you manage the economics of divorce.
The matrimonial home is not only the one asset that most affects all issues in divorce but is often a couple’s biggest asset as well. When a couple separates, buying the matrimonial home from the other spouse is often the intelligent alternative.
For most people, selling a house on the open market and buying a new one is less economically favourable than staying in the matrimonial home and buying out the other spouse’s share. If you stay put, there are no moving costs, real estate agent commissions, land transfer taxes or other fees that come with moving house.
In addition, keeping the matrimonial home is often what is best for children. Assuming they stay in the house, they are able to remain in their neighbourhood and school.
However, buying the matrimonial home is rarely straightforward. There is no express legal right to purchase the home from the other spouse in Ontario, and the economics of attempting to do so can be complex. As an experienced family law lawyer in downtown Toronto, Elliot S. Birnboim can advise as to the options and economics of buying the matrimonial home — and how to ensure that the numbers work in your favour.
All you need to know about buying the matrimonial home.
An intelligent approach to buying or selling the matrimonial home can materially affect the economics of your divorce. As an experienced family law lawyer, Elliot has access to real estate agents and lenders who can help achieve your objectives.
Let us advise you on the steps you can take to make the most of your rights to the matrimonial home.
Call us for a free consultation.
Talk to us about divorce and the family home. We will tell you where you stand. Get in touch today at 1.800.648.7943 or 416-800-2573. You can also use our online contact form to schedule a free consultation with a family lawyer in Toronto.