Divorce is a tricky thing, both personally and legally. Please consult a lawyer to make sure you know the process and what’s expected of you during this time.

When it comes to real estate there are several things to consider.

I am not a lawyer, so I can’t speak to who is entitled to the matrimonial home or how assets should be divided. That’s up to you, your ex-spouse and your lawyers (or the court) to decide.

Let’s assume your split is amicable and you’ve avoided a court battle. You’re willing to sell the home and divide the profits. You’ll also need to decide how you’ll split any legal fees or financial penalties on your mortgage. I suggest putting this in writing so there’s no confusion. You may want to consult with both a divorce attorney and real estate lawyer during this process.

You should also come up with an agreement over any upgrades you make before listing and who will be responsible for preparing the home for showings. You may want to discuss what price you’re comfortable selling at before listing, so when offers come in you can both decide quickly which one to accept.

Be upfront with your REALTOR® about your situation. Let them know if they should communicate with one of you, both of you, or perhaps a lawyer or mediator.

From here it should be business as usual.

The article above is for information purposes only and is not legal advice or a substitute for legal counsel and should not be used as investment or financial advice.

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Source:  RE/MAX.ca