If you are going through divorce, and depending on your particular situation, it may be in your best interest to buy your spouse’s share of the matrimonial home. However, Ontario law does not provide for the express legal right of one spouse to buy the matrimonial home from the other. A divorce lawyer with experience in these matters can explain your options and help ensure that the outcome is in your favour.
If you choose to purchase the home, then you can avoid other costs related to moving house. Those costs could include paying land transfer taxes, real estate agent commissions and a variety of other fees. Finding another home is also time-consuming.
Staying in the matrimonial home may also be beneficial if you have children. A move during or after divorce can be an emotional upheaval for kids, and buying the home can allow them to remain in their current school and neighbourhood.
Family law lawyer Elliot Birnhoim advises divorcing spouses as to the benefits and potential drawbacks of purchasing the matrimonial home. The process of buying a spouse’s share of a home is rarely simple, but the matter can be handled effectively and efficiently with the help of a family law lawyer.
For divorcing spouses who need to access their equity now, selling the matrimonial home may be the better option. This, too, can be a complicated process, especially if the other spouse refuses to cooperate.
In any case, to ensure the best possible outcome, it is a good idea to seek legal advice on these matters as soon as possible. To learn more, please visit MatrimonialHome.com.