What is the value of the matrimonial home?advocate
What is the value of the matrimonial home?
A married couple’s marital home is the property (or properties) they use as their primary abode. Multiple marital houses are feasible, for example, if the couple has a cottage or holiday home in addition to their primary residence. During a divorce or separation, the value of the matrimonial house is frequently emphasized because it constitutes a considerable component of a couple’s combined asset base. It is critical for both parties to receive their fair share of the property’s value.
When a Matrimonial Home is Jointly Owned, What Should You Do?
Any property obtained jointly during a marriage must be equally split between the two parties.
There are two main scenarios in these situations:
The home is sold and both parties share the proceeds after one party buys out the other’s interest (subject to any equalization payment, discussed below)
In the first case, an appraisal will be conducted by an impartial real estate agent or evaluator to evaluate the home’s value. Both parties may seek an appraisal in some situations, and there may be disagreements that must be settled through negotiation or litigation. The party who decides to buy the house must determine whether or not they have the financial means to keep up with recurring payments and billing on their own. In the end, a jointly held residence can only be purchased by one party with the consent of the other. It can’t be a one-sided decision. When the matrimonial home is in one party’s name, the procedure is as follows:
Even if only one party’s name is on the matrimonial home’s title, both parties have an equal right to possession of the property until the divorce is finalized.
The party whose name is not on the title will nevertheless get an “equalization payment” on the matrimonial residence under the Family Law Act in certain scenarios. This must be claimed within two years of the divorce or six years of separation, whichever comes first. The entire computation of assets between the parties (decided based on ownership) that calculates the payment from one party to the other to equalize their asset base is referred to as an equalization payment.
Exceptions to the Rule
If a matrimonial house was purchased before marriage but was not the matrimonial home on the date of separation, one spouse may be entitled to a Date of Marriage Deduction for the value of the home on the date of marriage. The conditions of a Marriage Contract or Cohabitation Agreement may also have an impact on the Matrimonial Home.
Recognize your situation.
Property division in a divorce might be tricky under the law. As a result, speaking with a family law attorney to gain helpful guidance about what to expect in your specific circumstance is always a smart option.
To learn more about your legal representation, the team behind them, and the experience and expertise they have in dealing with comparable matters, schedule a free consultation.
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