Will we have to sell our house? How will our other items get divided?
December 2, 2016
The house, which is referred to as the “matrimonial home” sometimes needs to be sold in order to meet any financial obligations from one party to another, or to satisfy the division of assets. In some situations, one party is able to buy out the other party’s share and keep the house. The Family Law Act provides for a distribution scheme, which in general terms, provides for an equal division of all of the assets that a married couple have accumulated during their marriage. There are some items that are excluded from this type of division. The matrimonial home has a special status and is not subject to the normal Rules of division of assets. To cover this topic, it would be advisable to have discussions with a lawyer regarding this.