Who Else Wants to Know Their Best Choices on How to Deal With Their Home in Their Separation or Divorce in Ontario?

Who Else Wants to Know Their Best Choices on How to Deal With Their Home in Their Separation or Divorce in Ontario?

If you’re trying to figure out what happens to your home in your separation or divorce, you’ve come to the right place.

You need to ask yourself some key questions to help determine what happens to your home in your family law situation.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

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Please carefully consider these 4 questions when you are trying to decide what will happen to your home in your separation or divorce:

1.  What’s the Value of Your Home?

You must determine the value of your home.  

The value of your home is the amount of money you would get if you sold your home minus the total amount owing on your home, including any outstanding mortgages and lines of credit attached to your home.

You need to get either an appraisal or a market evaluation of your home to help determine the value of your home. 

In both cases, factors such as the location of your home, its age and condition, and how much comparable homes actually sold for would be taken into account to get a value for your home.

You would get a market evaluation of your home from a real estate agent and a formal appraisal of the value of your home from a qualified real estate appraiser. 

You’ll probably have to get a formal real estate appraisal when either you or your spouse are seriously considering buying out the other spouse’s interest in the home.

Just remember that both an appraisal and a market evaluation are opinions of the value of your home.  There can be differences in the value if you and your spouse get more than one market evaluation or real estate appraisal.

2.  Can You Afford to Keep Your Home After the Separation or Divorce?

This is a really important question.  You must figure out whether you can pay the regular expenses for your home to help decide whether you can keep your home.

You have to remember that you have to pay a monthly mortgage payment, annual property taxes, home insurance and the utilities for your home, including hydro and water.

You might be relying on child and spousal support payments from your former spouse to be able to afford to keep your home after your separation or divorce in finalized. 

Just remember that this can be risky depending on whether your former spouse is actually reliable in making these payments on a regular monthly basis.

You also take into account whether you can pay for any emergency expenses, such as a leaking roof or any serious furnace issues.  You need some extra funds left over to be able to cover these costs.

I will discuss some more key questions that you need to answer to decide what to do with your home in your separation or divorce in the next video.

If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact me 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 with your friends, family members and co-workers.