Real estate holdings are among the highest-value assets a couple must divide during divorce, whether they own a single home or multiple properties. If you are going through a divorce or considering filing, you will need to know how the court handles real estate during the process to avoid costly issues and permanent mistakes. Real estate complications during a Hamilton high-asset divorce are a significant issue many couples face.
Where property rights are in question, you do not want to leave anything to chance and should trust an experienced legal professional to guide you forward. A high-asset divorce lawyer at the Riley Divorce & Family Law Firm could answer your questions about complex real estate issues and help you in your next steps.
Married couples going through a divorce are subject to Ontario’s property equalization laws, including real estate holdings. Under the Ontario Family Law Act (FLA), spouses may apply for equalization of property, which aims to ensure that spouses leave the marriage in roughly equal financial positions. Achieving this outcome requires valuing all assets and liabilities. When one spouse’s net worth has increased more than the other’s during marriage, the law typically requires that spouse to share half of the increase with the spouse whose net worth grew less. Real estate forms part of this calculation.
The law always includes the matrimonial home in the equalization calculation, even if one spouse bought the home years before the marriage. Any increase in equity from the date of marriage to the date of separation is subject to division under the FLA. In situations where only one spouse holds title to the property, that spouse may still be required to share the increase in the home’s value up to the date of separation. Experienced Hamilton property division lawyers understand the process and can help you avoid unfair surprises when you must divide your high-value home in a divorce.
Like the marital home, other properties also typically count as marital property from the date of marriage to the date of separation. Additional properties subject to equalization during a high-asset divorce could include:
One spouse might have owned a separate property for many years or inherited real estate from family before the marriage. This creates another complication that knowledgeable divorce lawyers could address. Even a non-titled spouse could claim a portion of the equity from properties other than the marital home during divorce resolution.
Other issues that can arise with premium real estate assets during the Hamilton divorce process include:
When one or multiple properties are part of a high-asset divorce, complications and surprises are almost always part of the process. Turning to a skilled lawyer can ease your fears and build your confidence about real estate division during a high-stakes divorce.
Property division can be a difficult subject for both sides during the divorce process, especially when it comes to real estate holdings. Real estate complications during a Hamilton high-asset divorce can include a wide range of issues that our dedicated legal team is prepared to handle. Call our law office today to schedule a consultation and have your questions answered. Our teams of lawyers are available 24 hours a day to assist you with your case.
The Riley Divorce & Family Law Firm
