Your home is likely your biggest asset, and deciding what happens to it during divorce will be one of the most important decisions to make. You need to consider both short-term living arrangements and long-term ownership or sale both of which will be impacted by your overall financial picture. A thoughtful, Collaborative approach can lead to clearer, more cost-effective outcomes.
Start with the Short-Term: Who Stays in the House?
When you are separating, the immediate question is often: Who stays in the home? You will need to think about things like:
- Who is currently living in the house?
- Are there children who need stability?
- Who is responsible for paying the mortgage, utilities, and maintenance?
These short-term decisions do not determine long-term ownership but help to create structure while you work through the rest of your divorce. If you and your former partner can agree on temporary arrangements, you will reduce stress for everyone.
Long-Term: What is the Plan?
Owning a home is a major financial responsibility. While you may want to keep the house, you will not really know if that is possible until you work through the division of all your assets and debts. That includes bank accounts, retirement savings, credit card debt, and more.
Before making any big decisions about the house, you need a full picture of your financial position. That is why in many divorces, you work through these bigger financial questions before finalizing what happens with the home.
Do You Need an Appraisal Right Away?
You do not need to rush into getting the house appraised. If you can both agree on the estimated market value, you might not need a formal appraisal at all.
However, if an appraisal is necessary, it is best to discuss it together. Hiring an appraiser without your former partner’s input can cause mistrust and conflict. You do not want to end up with “dueling appraisals.” Instead, consider choosing an appraiser together or using one that both sides agree on.
Why Collaboration Helps with Property Decisions
If you choose the Collaborative Divorce process, you have the option to bring in a financial neutral, a trained expert who will help you understand your overall financial health, including what keeping or selling the house would mean for your future.
The financial neutral does not take sides. They help you both to make informed decisions about what is affordable and fair. It is a key advantage of the Collaborative Divorce process because you will make smarter, financially sound choices.
If you are going through a divorce and need help, call Pierre Boileau today at 780‑482‑2888.
FAQs
Q1: Can I keep the house?
Maybe, but it depends on your overall financial picture. You will need to see if you can afford the mortgage, buy out your spouse’s share, and handle the costs of upkeep.
Q2: What if my spouse gets the house, do I get something else?
Yes. Alberta law focuses on fair division. If your spouse keeps the house, you may receive a greater share of other assets to balance things out.
Q3: What if we both want to keep the house?
If you cannot agree, a neutral professional or mediator can help you explore your options. In some cases, the court may have to decide, but out-of-court solutions are usually better for everyone.
Pierre Boileau
Over almost 35 years of practice Pierre Boileau, K.C. has gained experience as a Mediator, Collaborative Family Lawyer, Litigator and now as an Arbitrator. Pierre’s extensive experience has shown him that client satisfaction is maximized when clients have control over their own future. This can best be achieved through interest based negotiation. Only as a last resort, should litigation be considered. When necessary, Pierre relies upon his vast court experience and training.
Pierre remains committed to continuing to practice at a high level with particular care, interest,and sound judgment. He doesn’t shy away from particularly challenging cases. Pierre’s greatest reward comes from the satisfaction of assisting clients through one of the most challenging experiences of their lives.