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Divorce and dividing cottages that are a second matrimonial home in Ontario
The process of divorce is never easy, and dividing a second matrimonial home, such as a cottage, can add an additional layer of complexity. In Ontario, the division of property during a divorce is governed by the Family Law Act, which states that married spouses have an equal right to the family property, regardless of who owns it.
When it comes to dividing a cottage that is a second matrimonial home, the first step is to determine whether the cottage is considered family property. In general, a cottage will be considered family property if it was acquired during the marriage and was used by both spouses as a family home. However, there are some exceptions to this rule, such as if the cottage was inherited by one spouse or if it was purchased with funds that were not considered family property.
If the cottage is deemed to be family property, the next step is to determine how it will be divided. In some cases, the spouses may be able to agree on a fair and equitable way to divide the cottage. This could involve one spouse buying out the other’s share, or the cottage could be sold and the proceeds divided between the spouses.
If the spouses are unable to agree on how to divide the cottage, the court will step in to make a decision. In making its decision, the court will consider a number of factors, including the value of the cottage, the financial needs of each spouse, and the contributions each spouse made to the acquisition, maintenance, and improvement of the cottage.
Regardless of how the cottage is divided, it is important to remember that the process of divorce can be emotionally difficult. It is important to seek the support of friends, family, and professionals to help you through this challenging time.
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