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Divorce & Real Estate

Family Law Act

Purpose

  • The Family Law Act recognizes equal partnership marriage relationships.
  • It provides orderly & equitable settlement of spouses affairs when a marriage breaks down or a spouse passes.
  • The Act defines Matrimonial Home, Net Family Property & methods for equalization of payments.

Matrimonial Home

  • A Matrimonial Home is a deeded primary residence of a family.
  • A property may be owned by one or both parties & it can still qualify too be matrimonial home.
  • Both spouse have dual right to possession of a Matrimonial Home.
  • Designation as a Matrimonial Home is effective if both joint-tenancy and tenancy-in-common.
  • The registered owner spouse must get written consent of non-owner spouse when selling or encumbering the Matrimonial Home.

Net Family Property

  • Any Property purchase during marriage is equally divided.
  • Properties owned by spouses before marriage, only the net increase value since marriage is equally divided.
  • Each spouse calculates the value of his/her property after deducting the net value that he/she brought into the marriage, excluding the matrimonial home.
  • The spouse with the greater net value typically pays the other to equalize.



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