Moving out or assignement of the family home, real estate division

Moving out or assignement of the family home, real estate division

Moving out or assignment of the family home

My home is my castle. Or maybe not? Who must pack their bags, move out of the family apartment and hand over the keys? This is an emotional and contentious issue.

If you cannot agree, the court will decide. It will assign the apartment to the person who is more dependent on the apartment for important, usually health, professional or family reasons. It does not matter who signed the lease or who owns the family home.

The court may transfer the lease to one spouse. Even if the apartment belongs to one spouse, the court may grant the other spouse a temporary right of residence if he/she needs it for important reasons.

Protection of the family home

What is considered a family home? The family home is the center of marital life. It is the home where the couple lives before the separation until they move out voluntarily and permanently or by order of a judge.

A family home is specially protected. The express consent of the other spouse is required for the notice of termination or for sale.

Division of real estate

When it comes to real estate division, you have a few options.

Many spouses have a family home in which they resided prior to separation, a vacation property and/or rental properties. The latter is rented out to generate rental income.

If you can agree, you and your spouse have the right to choose which property each of you keeps. This is usually done by having all properties valued by hiring a professional valuator.

Selling the home

Many married couples have a family home and neither can or wants to carry the mortgage alone. As a rule, you divide the home by selling it and by sharing the proceeds.

Assigning property

In the case of joint ownership, one spouse may, upon proof of predominant interest, demand that the asset be allocated to him or her undivided in exchange for compensation. One partner has to buy out the other (individual property plus half of the accrued gains).

Maintaining the status quo

Some couples opt for ownership to remain as it is. This only make sense if both partners meet their financial obligations.