There are various factors that come into consideration during a divorce. While divorce (also known as the dissolution of marriage) is never comfortable or easy, certain factors can make it harder. An inevitable and often difficult step in a divorce is the distribution of assets, which should be kept fair and also include choosing who should keep the family home, in the event that the home is not sold for the purpose of equal distribution of profit. For the most part, a marriage contract will pave the way for the proceedings of a divorce and determine asset repossession.
When it comes to deciding who keeps the marital home (which falls under immovable property), it will largely depend on the marriage contract that was registered by the couple at the time of their marriage. Regardless of the marital contract, if both parties are able to reach an agreement on how to divide assets and can decide who gets to keep the house without dispute, then this will be accepted and can provide closure and ensure a mutually beneficial division of assets. This is often the case is situations where children are involved and will live with their mother following the divorce – the father may choose for the mother to keep the family home to avoid further stress.
Getting married in community of property is the most affordable and most common marital contract and couples who do not enter into an antenuptial contract before marriage are automatically married in community of property. At Kim Armfield & Associates, we have successfully assisted clients who have indicated a desire to keep their home during a divorce, and will do our best to allow for a positive outcome, given that you can afford the home after your divorce and taking into consideration your marriage contract. When a couple gets married in community of property, the assets of the joint estate should be divided equally between both parties at the time of divorce, a rule that applies to all assets as well as the marital home.
In community of property divorce matters, it doesn’t matter whose name the house is in or whether or not the house was purchased before or after the marriage, however the house does not have to be sold if one of the parties can afford to carry the mortgage payments, property taxes and maintenance costs on their own, as well as buy the other party out fairly. More often than not, the house will be sold and the proceeds of the sale will be split equally between both parties. For many, lifestyle and budget changes take place after a divorce as there is no longer a joint income. Financial priorities need to be readjusted and it may not always be in your favour to take on the financial commitment of keeping your family home.
It is always beneficial to consult a family law expert for advice on your specific divorce circumstances before determining the best way forward – at Kim Armfield & Associates; our expert team of attorneys apply a compassionate, comprehensive and dedicated approach when assisting our clients with their divorce negotiations and proceedings. We welcome you to get in touch with us for custom approaches that will help you with achieve the best possible outcome during your divorce.