As we mentioned in our last post the matrimonial home can factor greatly into a divorce. While the way a divorcing couple handles the sale of the home can have a financial bearing on a divorce settlement—regarding the division of assets—it may also impact things that you have not taken into consideration. Specifically, who has possession of the asset can be very relevant.
For example, when financial matters in a divorce are being addressed, in addition to determining who will get which assets, in some situations spousal support may also be awarded. That award, and how much, could be influenced by who has the house. Likewise, readers may be surprised to learn that when children are a part of the divorce equation, possession of house may also have an impact on the final custody arrangement and child support agreements that are reached.
While the outcome of matters related to divorce cannot be guaranteed, generally, having possession of the matrimonial home as the case unfolds, is an advantage. Because information like this is not always obvious to spouses in the midst of a divorce, it is vital to seek legal representation as early on in the process—preferably before a final decision regarding the action has been made. Contacting a lawyer earlier rather than later could have an impact on what you walk away from the marriage with.
We assist individuals who are at all stages of divorce in the Toronto area. To learn more about what we do, please visit our website.