When you are facing divorce, the stakes are already high. In addition to determining critical issues regarding parenting time with your children, you want to ensure you get your fair share of any assets you have owned jointly throughout the marriage, which could include the marital home and any other properties. However, there can be numerous real estate complications during divorce in Toronto, particularly in a high-asset divorce.
To ensure you receive your rightful share of the family’s assets, you need to let an experienced division of assets lawyer from The Riley Divorce & Family Law Firm help you navigate the complexities of a divorce. Our determined legal team could help guide you towards a satisfactory resolution.
Many couples do not have the majority of their assets in stocks and bank accounts. Instead, their net worth is often tied closely to the value of their real estate. Some couples own a marital home and one or more vacation homes. Some families also own investment properties, which they rent to make additional income, as well as other types of commercial real estate.
When a couple decides to divorce, they need to divide their assets. Under Canadian law, courts operate with the concept of equalization, which means that net family property will be divided equally between the couple so that each spouse gets an equal share of any assets or income accumulated or earned during the marriage. Any real estate could be considered part of the couple’s marital property, which means that the value of that real estate becomes a complicated and critical matter during a Toronto divorce. Our dedicated legal team understands how to assess a property’s value by looking at its market value, tax implications, maintenance costs, and potential to generate income.
There are many complex issues to resolve regarding Toronto real estate during the divorce process.
The marital home is often one of a couple’s highest-value assets. When couples divorce, they need to determine what to do with the marital home. Sometimes, one spouse stays in the home and buys out the other spouse’s share. Other times, couples decide to sell the house and split the proceeds jointly.
Some couples own one or more summer or vacation homes. As with the marital home, the couple needs to decide what to do with the property.
If a couple owns properties that they rent, they need to decide whether to continue operating those investment properties as joint owners. In addition to considering the value of those properties, couples also need to assess how much each spouse contributed to them during the marriage. For instance, if one spouse performed all of the maintenance for the properties and also managed the books, that spouse might argue that they have a greater share in the property.
A knowledgeable local lawyer could help you examine the particular facts of your situation and determine the tax and financial implications of each decision.
Real estate can add significant complexity to a divorce in Toronto. When a couple decides to separate, one of the key issues they must address is how to divide their properties. This includes everything from the family home to investment properties or vacation homes. Understanding the financial and legal implications of dividing these assets is crucial to ensuring a fair resolution.
The experienced team at The Riley Divorce & Family Law Firm understands how important it is for couples to navigate these challenges with clarity and confidence. Whether you are dealing with questions about property valuations, ownership rights, or financial impacts, our knowledgeable legal team is here to guide you every step of the way.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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