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Hot housing market influences property division in divorce

One of the more contentious portions of many divorces is how to divide marital assets. Property division can be complicated depending on the specifics of the divorce case, and the recent housing market boom is not making things easier for British Columbia residents looking to end their marriages while still retaining some of those assets. This is why it is helpful for couples to secure legal advice in determining how to best divide up their shared property. 

In the past, it has been possible for one spouse to simply buy the other out of a shared mortgage on the marital home, wherein one spouse retains ownership by paying off the other spouse with a cash sum or equivalent asset transfer. Given that housing has become more expensive in recent years, this is no longer possible for some couples. For them, the remaining option is often to sell the marital home outright. 

This can cause complications for both spouses, especially if children are involved. Selling the home means even if the value of the home is divided evenly between both spouses, both parties will have to find new living circumstances. In many cases, this means relocating to an area that is less expensive as the cost of running each household is automatically inflated by the loss of one income. 

Obviously, this property division quandary does not apply to all couples equally. Every divorce is as different as the parties involved in the proceedings. For British Columbia residents facing these challenges, retaining separate divorce attorney for each spouse is a good place to start. An experienced lawyer can help a client navigate through the process and also help to hammer out an equitable settlement that protects the client's best interests. 

Source: advocatedaily.com, "Considerations for divorcing spouses in the hot housing market", Accessed on June 17, 2017

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