For many couples, the home is often the most significant asset. Buying or selling that property is often one of the most material financial decisions in a relationship, as well as one of the biggest decisions during the separation.
Separation and divorce are complex and challenging decisions to make in any circumstances, especially when you share property. Fortunately, when splitting up family assets, the current fair market value of the house is considered rather than the cost of purchase. The law provides generally that the value for the property that was acquired during the marriage is divided equally between the spouses.
Today’s housing market is continuing to climb, which means a better valuation for your home, but also makes it unaffordable for parties to equally part ways and afford separate properties. Many times, couples split up and are forced to sell their home sooner than expected, resulting in less equity than anticipated. It is important to consider what will allow you to live comfortably. Some alternative options for recently separated couples in today’s market include: 1) Purchasing a smaller home or condo; 2) Moving to a more affordable area; 3) If possible, keeping the home and buying out the interest of the other spouse.
At CBM Lawyers LLP, we understand that it is difficult to make these decisions, especially in today’s market, where jobs and income are less consistent. Finding a lawyer to represent you is in your best interest and important in making the best choices for your future.
Julia Tchezganova is a proud associate at CBM Lawyers, specializing in Family Law. Located in Langley, Aldergrove, Cloverdale, and Maple Ridge, British Columbia, our CBM Lawyers handle legal matters with experience, strength, and precision. Contact us today: Office: 604-256-5937 Email: firstname.lastname@example.org