Selling the matrimonial home in Ontario after a separation can be a long, confusing, and chaotic process. This article will provide some helpful advice on what to expect.
A separation can be a confusing time for both spouses. In many cases, the sale of the couple’s matrimonial home can provide a measure of legal and emotional closure, as well as the financial resources for both parties to start fresh.
If you and your (soon-to-be) ex are in agreement with regards to selling the house, what should you expect? The following information will provide a high-level overview.
Preparing to Sell
First, you both need to determine if the house is ready to sell as-is or if, as is frequently the case, it first needs maintenance and even minor updates or renovations. If you both share the same real estate agent, or use the services of a real estate lawyer, then you will receive helpful advice on how best to proceed. You’ll need to discuss with your spouse how to divide up the work of preparing the home for a sale, and determine which of you will remain at the house in the meantime.
Accepting an Offer
You and your spouse should endeavor to agree on a set price for which to sell the home. If you cannot agree, then it may be best to defer to your real estate agent.
Once you begin receiving offers, it’s important to get on the same page with your spouse (to the extent possible). Remember to use your divorce attorney and real estate agent as resources for advice, and even mediation if need be.
Dividing the Profit
After your home sells, the profit will be divided between you and your spouse. In many cases, this involves an even split; however, if one spouse had previously contributed more to the maintenance of the house, or the monthly mortgage payment, then that spouse may be awarded a proportionally larger amount of the proceeds from the sale of the home.