Understanding the rights of property and ownership during a divorce
Divorce can lead to many contentious issues. But, property rights are often at the heart of divorce proceedings. Some Alberta couples choose to sell the home and part ways. Others may decide to keep it. It can be difficult for a couple to decide who will own the home after it is sold.
A divorce might lead to someone wanting to retain the family home. One could be for the benefit of the children. For example, if one parent wants to retain custody, the other parent might want to continue to care for the children at the original family home. It is possible to have an emotional attachment to the home, invest potential, or pride that could impact the decision. Any divorce case can result in either side claiming sole ownership.
Before you can stake such a claim, you must understand a few things. The first is the house’s actual value. The second is whether the potential sole owner can afford to buy the property, or perhaps purchase the ex’s portion. You may also consider other marital assets. For example, a spouse who doesn’t own the house might get vehicles, jewellery, and financial accounts to make it possible for an even split.
Alberta couples seeking to keep their home can do so legally. Both parties have property rights in relation to the home. While there are some solutions that can be found, the outcome will depend on the value of the home as well as other assets. A good place to start is to speak with an Alberta lawyer about your options for property division in a divorce.
Spousal support among common divorce surprises
Even in a relatively amicable divorce, unexpected events and misunderstandings can be a surprise. Alberta’s divorce mediation process requires that people be informed about the legal and financial implications of their separation. This includes the impact of spousal support on the marital relationship and the potential difficulties associated with disconnection of shared accounts. Here are some common surprises that can befall those ending a marriage.
Although breadwinners may be comfortable and even aware of the concept of paying support to their spouse, the reality that they will have to pay it in the end can shock them. This can be especially distressing if one’s personal expenses go up due to divorce. Mobile phone family plans and insurance packages may be unavailable if a couple splits. Groceries for one can also become more expensive in some cases.
A single household’s cost of purchasing new items can prove to be expensive. Dishes, silverware, and even bathroom supplies can all add up quickly, making it especially difficult when legal expenses or support payments are involved. A surprise could be the effect on retirement plans. This can vary depending on your planning.
Splitting assets, investments or debt can be a difficult task. Additional spousal support payments, child maintenance and an increase in living costs can make things more complicated. These are important issues to be aware of when you go through divorce mediation. To ensure a financial future that is manageable, an Alberta divorce lawyer can provide advice.
Additional Resource:
http://ww2.nycourts.gov/divorce/forms.shtml
https://www.fcfcoa.gov.au/fl/divorce/divorce-overview
https://www.dictionary.com/browse/divorce