Can one spouse refuse to allow the other to buy them out of the matrimonial home at accredited appraiser’s value and insist on property being listed and sold?
This is a question that arises frequently in marriage separation cases and divorces.
Two spouses are splitting up. They have lived in the house for 5 years. It’s gone from $500,000.00 when they bought it to about $800,000.00 today.
But, what are the rights of the parties?
One spouse, the husband wants to buyout his wife’s interest in the property. He obtains an appraisal for $800,000.00. Does that mean she must sell her half for $400,000.00? Of course not!
She can litigate! Take it to Court and the Judge will sever the property and conduct a judicial sale of the property under the Partition Act.
Both parties may be provided with the “right of first refusal”. It does not get sold to a third party if either party wishes to acquire it at a matching price.
Brian Madigan LL.B., Broker