Understanding property rights and home ownership in divorce
Divorce can bring up many contentious issues. The family home is often the center of any dispute regarding property rights. Some Alberta divorcing couples decide to sell their home and end the relationship, while others choose to keep it. It can be difficult to decide who will keep the home if it isn’t sold (Home ownership in divorce).
What are the reasons someone might want to keep a family home during a divorce? One reason might be to protect the children. If one parent is seeking custody, the other parent may want to keep the children safe in the original home. The decision can also be affected by emotional attachment, investment potential, pride, and other factors. Either party to a divorce has the right to seek sole ownership.
Before you stake a claim, there are some things that you need to know. First, the property’s value. The second is the potential sole owner’s ability to pay for it, and possibly buy out the ex-spouse’s share. This can also be an issue if the spouse doesn’t have the house but has other marital assets, such as vehicles, jewellery, or financial accounts that allow for an even split.
Alberta couples who want to remain in their home must be aware that each party has property rights to the home. There are solutions in some cases. However, it all depends on the property value and other assets. Talking to an Alberta lawyer can help you understand your options regarding property division during a divorce.
Spousal support among common divorce surprises
Surprises and misunderstandings are possible even in an amicable divorce. Alberta divorce mediators should be aware that there are many legal and financial issues they will face, including the effects of spousal support as well as the difficulties of disconnection of shared accounts. These are the top surprises for people who end their marriage.
Although breadwinners are more comfortable and aware of the idea of paying spousal support, it can be shocking to learn that the final figure leaves the household. This can be particularly distressing when one’s expenses rise due to the divorce. When a couple divorces, insurance packages and mobile phone family plans can be lost. In some cases, groceries can prove more costly.
It can be costly to buy new household items. The cost of silverware, dishes and bathroom supplies, as well as cleaning supplies, can quickly add up. This can make it difficult to pay legal expenses and support payments. The impact on retirement plans can also surprise you, depending on how well you plan.
It can be difficult to split assets, investments and debt. The process can be complicated further by adding spousal support, child support, and increased living costs. These issues should be considered when you enter divorce mediation. This will ensure that you reach a fair and equitable settlement. A divorce lawyer in Alberta can help you plan for a financially manageable future by advising you on the issues to be considered during a dissolution of marriage.