Even with the best of intentions, around half of all marriages end in divorce in Canada. Although no one ever plans such a life-changing event, understanding how to handle it will mean the difference between adding stress to the process or reducing it. Which is why ‘Understanding Real Estate Divorce in Vancouver’ is so important, and I’m here to help you do so!
- 1 Who Get’s the House in a Real Estate Divorce in Vancouver?
- 2 Divorce Laws in BC – What Happens to Jointly Owned Property?
- 3 What Is Family Property and Family Debt?
- 4 Options When Selling Your Property Due to Divorce
- 5 Similar Blogs for Your Consideration
- 6 7 Fundamental Tips to know in selling Single Family Houses in Vancouver
- 7 Top 12 Tips for Selling Your Downtown Vancouver Condo
- 8 Best and Worst Condo Improvements for Sales in Vancouver
- 9 Have More Questions About the Canadian Divorce Act?
- 10 Take a Look at the Newest Listings for All of Vancouver Houses
- 11 Can’t find what you’re looking for? Start your search now!
- 12 Get in Touch with Andrew Now... Quick and Easy!
Who Get’s the House in a Real Estate Divorce in Vancouver?
Neither you nor your ex-partner is entitled or responsible for the entirety of any assets or debts. The law states you actually have to split these gains and losses in half, and are the responsibility of both parties.
Divorce Laws in BC – What Happens to Jointly Owned Property?
After separation, divorce laws in BC state that all family property and debts must be divided equally. Unless there was a previous agreement, or you both come to a joint agreement to split them differently, this law stands.
However, if you owned your property before your marriage, you will be splitting the difference of the increased value since cohabitating.
Mastering the One Thing will Achieve Extraordinary Results – Gary Keller
What Is Family Property and Family Debt?
Family property includes things such as:
- Property – including any form of real estate
- Shared bank accounts
- Insurance policies where beneficiaries are in place
- Joint interest in a business
Family debt includes such things as:
- Your mortgage
- Family loans
- Bank lines of credit or overdrafts
- Credit cards
- Income tax
- Repair costs
Whether you consider it good or bad news, you cannot be forced to sell your family home nor require your ex to sell it within a divorce setting. Which is why it is so important to hire a realtor who is able to act as a mediator to sell the home within the confines that the law states. This will make the property sale with the least amount of hassles, reducing added stress for all involved: a Win-Win.
Related Article: Selling a House in Vancouver: A Comprehensive Guide
Options When Selling Your Property Due to Divorce
You don’t want to feel pressured or stuck in something that is no longer suitable for your lifestyle. As such, it is always good to know what your options are during a divorce.
Options when selling your property due to a divorce include:
Selling Your Home and Divvy Up The Difference
If you want to simply sell your property and split the profits, you will want a realtor who can maximize the selling price and sell the home quickly. This will give you the most return on your investment, and quickly eliminate joint stress shared between you and your ex.
Buy Out Your Spouse
If you would prefer to keep the family home, you can buy out your spouse. Keep in mind that you will need to qualify for a new mortgage. If both incomes were used to initially secure the loan, you will need to be approved on your income alone.
Sell Your Half to Your Ex
If you would like to walk away from your family home and purchase a new space, understand that you may still be under the primary home loan details. This means that qualifying for a new loan may be difficult. But that is something I would be happy to work with you on as your divorce realtor in Vancouver.
Maintain Joint Ownership
Alternately, if you and your ex wish to retain your property, be careful not to make emotionally charged decisions. Jointly owning a home may seem ideal in the short-term, but as time passes and mind’s change, it can complicate matters further. Research tax considerations with an accountant, and speak with a realtor – such as myself – who understand real estate sales after divorce.
How Hard Can Selling Your Home During a Divorce Be?
The Lower Mainland is known to be one of the hottest real estate markets in all of Canada. But this does not mean the processes of a real estate transaction changes.
Similar Blogs for Your Consideration
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If you are selling your home during a divorce, the complexities of splitting the equity will involve the following…
- Up to 43 various professionals will be required to step in for 7 different processes of your real estate sale during a divorce
- In excess of 250 emails, texts, phone calls and other such interactions between each of these professionals will be necessary, including both parties selling the home
- 100+ pieces of paper that will need to be reviewed, initialed and signed. All of which require quality assurance – especially in a divorce real estate sale setting
Starting fresh after a divorce means settling as fairly as possible. Which makes hiring the right realtor to take on the sale of your property during a divorce, all the more important.
My immediate advice, as a real estate agent who can help with your divorce property sale in Vancouver is …
- Keep personal matters private …the more people you involve, the more complicated it becomes
- Keep communication clear …if it becomes too strained, employ a mediator so all proceedings can be business-based instead of emotionally-fueled
- Find a support system both personally and professionally so that you have people who can help with your emotional stresses, as well as those who can help with other important aspects of your life. Aspects such as …finding a new home after divorce in Vancouver, and making this transfer as seamless as possible
Related Article: Top 12 Tips for Selling Your Downtown Vancouver Condo
Your home is a significant investment both financially and emotionally. As a real estate agent who understands and experienced the Divorce Act in BC, I am here to help you map your way through this difficult time. I will ensure your investment pays off within the selling price, and provide a fair result for both parties involved.
I encourage you to surround yourself with the right mix of people. From friends and family, lawyers and mediators, to your divorce real estate professional in Vancouver. Together, we will ensure the success of your divorce, and the elimination of as many stresses as possible. I am here to help you move forward in your real estate decisions, and will be here for you every step of the way!
Have More Questions About the Canadian Divorce Act?
As you can imagine,, the Canadian Divorce Act involves a lot of legal terms, which can be found in detail HERE. For more questions Understanding Real Estate Divorce in Vancouver, easily contact me via email to get the process started.