A matrimonial home is recognized as a very special asset by the law in Ontario. That means that if the home is sold, it will usually be divided equally between the married couple, regardless who paid for it. Even if only the husband or the wife is on title to the property, it will take both of them to agree in writing to sell it. Click here to view the full article.
Marriage breakdowns are unfortunately a pretty common occurrence, and real estate is generally the largest asset to be divided. Under the Family Law Act, whether or not a property is a matrimonial home can make a big difference to how the asset are divided, and many people don’t realize that more than one property can be a matrimonial home. So, for example, if you owned a cottage before you got married and then lived there with your wife during the summer months, then the cottage will probably be designated as a matrimonial home along with your house in the suburbs. That means that your spouse will get 50% of the value of the cottage, rather than just 50% of the appreciation in value since you got married. That difference can be quite a lot of money!