Matrimonial Home and Division of Equity (Ontario)

Question:

If I owned a home before getting married, then got married then divorced does my ex get half of the value of the home (it could be a matrimonial home or not ,let’s see both scenarios). 

Answer:

You can deal with the equity in a matrimonial home in a domestic agreement.

You cannot specify that a property will or will not be a matrimonial home. It is a question of fact to be determined by a Judge at the appropriate time.

You cannot deal with the right of possession in a matrimonial home in a domestic agreement, but you could address the equity division.

The way the legislation reads, the value has to be included but cannot be deducted. The net effect is that the non-titled spouse would share equally in the equity, unless a domestic agreement said otherwise.

If the property were not a matrimonial home, the non-titled spouse would be entitled to one half of the increase in value since the date of the marriage, again assuming that the division of equity was not addressed in a domestic agreement.

Brian Madigan LL.B., Broker

www.OntarioRealEstateSource.com

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