Separation Agreement Ontario Matrimonial Home
When couples decide to separate in Ontario, several legal issues must be addressed, including property division. One critical aspect of property division in a separation is the matrimonial home.
The term “matrimonial home” refers to the property where the couple resided during their marriage. As per Ontario law, a matrimonial home holds significant legal importance during a separation, as it cannot be sold or disposed of without both spouses` consent. Additionally, both spouses have the right of possession of the matrimonial home, regardless of whose name is on the property title.
When a couple separates, they may choose to sell the matrimonial home and divide the proceeds equally. Alternatively, one spouse may choose to buy out the other spouse`s share of the home, allowing them to retain ownership.
A separation agreement is a legal document that outlines the terms of a couple`s separation and property division. It is advisable to have a separation agreement in place to avoid any confusion or disputes in the future. When it comes to the matrimonial home, a separation agreement will typically address the following:
1. Who will keep the matrimonial home? The agreement will outline who will have the right of possession of the home after separation, and whether one party will buy out the other`s share.
2. What happens if the home is sold? The agreement should specify how the proceeds from the sale will be divided between the parties.
3. How will ongoing expenses be divided? The agreement should specify how ongoing expenses, such as mortgage payments, property taxes, and utilities, will be divided between the parties until the disposition of the home is determined.
It is essential to note that a separation agreement must be in writing, signed by both parties, and witnessed by a third party. The agreement will be legally binding, and both parties must adhere to its terms.
In conclusion, property division, specifically the matrimonial home, is a crucial aspect of separation in Ontario. Having a separation agreement that addresses the division of the matrimonial home can help avoid confusion and disputes in the future. If you are considering separation, it is advisable to seek legal advice to ensure your rights and interests are protected.