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Which is better for you? Buying or selling your share in the matrimonial home?

If you and your spouse own a home and you’re going through divorce, then you have a number of options to weigh with regard to the property. Should you negotiate to buy your spouse’s share? Or does it make more economic sense to sell your share of the home and access your equity now?

While every person’s situation is different, in most cases, buying out the other spouse’s share leads to the most favourable outcome. The buyer is able to avoid the costs of finding and purchasing a new home, as well as the various costs of moving house. The buyer also avoids paying real estate commissions and land transfer taxes.

If the divorce involves children, and assuming that they remain with the parent who purchases the other’s share, then often it is beneficial to the kids to stay in the home and neighborhood that they already know.

However, if you need to address divorce-related financial issues quickly, then selling your share in the matrimonial home could be the favourable option. Divorce often results in economic burdens for spouses, and the quickest way to pay for the transition out of marriage may be to sell your share of the home.

Again, the decision that is right for you will depend on your specific situation. Whether you choose to buy or sell, it is important to know that the process is rarely simple, and a divorce lawyer with experience in these matters can advise you of your options and work to protect your interests.

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