Divorce – Options for the Matrimonial Home
Published: April 17, 2019
When separating what are the options for the matrimonial home?
I’ll start by saying divorce is rarely easy and often means a lot of difficult decisions. One of the most important decisions is what to do about the house. Now before you can finalise that decision it is recommended to consult both a mortgage advisor and lawyer. That said here are the 3 basic options of what to do about the house:
- Sell the matrimonial home and divvy up the proceeds. Note: maximising re-sale is key as the equity typically needs to fund the downpayment for 2 new properties.
- One party buys the other party out, and owns the home fully. Note: this takes a lot of financial strength from that individual.
- Keep joint ownership while one party lives in the property… Note: lawyers will agree this is typically not a preferred option.