Do You Know About These Creative Ways To Protect Your Cottage in Your Separation or Divorce?
You already recognize that who gets the cottage in your separation or divorce can be an emotional and thorny issue.
I will discuss some more key tips about dealing with your cottage in your separation or divorce in this video.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
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As I mentioned in my previous video, your best strategy to protect your interest in a family cottage is to get a prenuptial agreement in which it specifically states that a cottage does not form part of the owner spouse’s net family property.
If you get an interest in a cottage after you are married, it can be more difficult to get an agreement signed in which your interest in a cottage is deemed not form part of your net family property.
However, you still have some options available to you even in this situation.
You could actually create an agreement in which the spouse who does not own the cottage can use the cottage at certain times with the children or without the children.
Obviously, the separated spouses must have a relatively civil relationship after their separation or divorce for this type of arrangement to work.
If you are getting a cottage as a gift from one of your parents, one strategy is to have your parent keep title to the property. In this situation, the cottage is not part of either spouse’s net family property since another person, a spouse’s parent, owns the property.
You can also set up a trust which owns the cottage. A spouse does not own this type of asset and it does not become part of a spouse’s net family property.
However, you need to realize that if a spouse is a beneficiary of the trust, part of the value of the trust would probably be part that spouse’s net family property.
These are certainly complex issues. You certainly need the help of an experienced family lawyer to help you solve these issues.
If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction.
Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group
Please make sure to share this important information and video with your friends, family members and co-workers so that it helps more people avoid serious problems in their separation or divorce before it’s too late.