On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in High Asset Divorce on Tuesday, May 16, 2017.
All divorces can have sticking points for either or both parties involved. When the value of the marital assets is above average, property division can become a contentious issue. For many Alberta couples, the marital home is their single most valuable asset and deciding what to do with it may cause friction.
Although the real estate market has not inflated as much in Alberta as it has in some other provinces, the fact remains that homes usually gain significantly in value over time. A couple who were married for many years may find their matrimonial home is worth far more than what they paid for it. While this may seem like a good thing, for some couples it’s a genuine problem.
It could be that even for people of above average means, keeping the family home might be too much to bear after a divorce. On one income, it may not be possible to maintain a large and valuable home. In some cases, neither party may be able to afford to buy the other out at current market value. The only recourse may be to sell the home and split the proceeds.
Deciding to sell a home is never easy, and may make the future seem uncertain. For some people, however, it may be the best choice, and it can be a major step into a new life. An experienced and knowledgeable lawyer can help any man or woman uncertain about what to do figure out what the best course of action is regarding property division during a divorce.
Source: license.icopyright.net, “Realtors find a niche in clients who are getting divorced”, Rob Csernyik, May 5, 2017
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