The family home is considered relationship property, regardless of whose name is listed on the title. This means that at the end of a qualifying relationship, the home’s value will need to be divided between the parties. It is common for one party to buy the other out, especially when young children are involved. Buying out the other party allows the children to remain in the family home and provides them with some stability in an otherwise confusing time.
Usually, the parties will seek an expert valuer to assess the property and that will be the amount agreed. However, in a rapidly changing property market, the timing of the valuation can make a big difference in how much one party must pay the other. In this OneRoof article, Jeremy discusses how and when to obtain a property valuation.