Divorce and Property Division: What happens to the matrimonial home when couples decide to part ways?

Unfortunately, approximately 38% of marriages in Canada end in divorce. When couples separate, one of the most significant financial decisions they must make is what will happen to the matrimonial home.

If you are going through or considering a divorce or separation, it’s essential to be aware of your options regarding the family home. One option is to sell the property, use the proceeds to pay off any joint debts, and split the remaining equity. However, if one party wishes to keep the home, there are three primary mortgage solutions available: an insured spousal buyout, a conventional spousal buyout, and a reverse mortgage buyout.