Family home is an emotional asset in a volatile market
Splitting the matrimonial home upon separation is an emotional task at the best of times but can be downright dreadful in today’s real estate landscape, Toronto family lawyer Jennifer Samara Shuber tells AdvocateDaily.com.
A recent Globe and Mail article details the good, the bad and the ugly when it comes to divorced or separated couples readjusting to life amid fluctuating real estate markets in Canada’s biggest cities.
Shuber, a lawyer with Beard Winter LLP, says it’s the case more broadly that when couples part, the funds that were covering one household must now cover two.
“When parties are separating, they need to recognize that they are going to have to stretch their dollar further than they did when they were together,” she says. “This is particularly true when the housing market fluctuates. If you’re selling a matrimonial home when it’s at a low market value and then property prices skyrocket, you’ve not only lost on the swing but you are at a disadvantage because you now have half the equity.”
By Kirsten McMahon, Associate Editor | AdvocateDaily.com
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