Couples who are preparing to divorce in British Columbia will be required to divide their marital property. In many cases, the couple will have purchased a home. There are several important considerations regarding how to handle the home in a property division.
In some cases, one of the spouses will want to keep the home. Those who are in this position will need to think about whether or not they can truly afford to do so on their own. If there is equity built up in the home, they will most likely be required to buy out the other spouse’s share. If the home is in both spouses’ names, then the person keeping the home will probably need to refinance the mortgage in their own name, meaning that they will need to have the financial ability to do so.
Some couples decide selling the home is the best option. This involves determining whether there will be enough left over after selling the home, paying the selling costs and splitting any money left after paying off the mortgage with the other spouse. People should make certain the money received would be enough for them to find another place to live.
Asset and debt division can be very complex and can involve a lot of critical thinking and planning. In some cases, people who are preparing to divorce may benefit by seeking the advice and counsel of a family law lawyer who can help the client to secure appraisals of businesses, artwork and other properties and locate assets that may have been concealed by the other spouse. A lawyer can also work on the negotiation of a comprehensive settlement agreement that covers these and other issues.
Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9