Toronto’s hot housing market is making divorce even messier — here’s how splitting couples can cope

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Divorce is complicated and emotional enough as is. But as mortgage interest rates rise in Toronto’s hot housing market, the challenges in being able to afford living apart can seem insurmountable. Here’s how splitting couples can cope.

Going through a divorce is a complicated and emotional experience enough as is, especially when children are involved.

“They’re not going to be able to meet the stress test that’s in place … the ability to proceed is simply not there. And, that’s just the reality of circumstances,” says Kevin Caspersz, senior associate lawyer at Schulman and Partners LLP. Elke Rubach, president at Rubach Wealth, says she’s done financial planning for many separating couples who can’t afford to move out to begin with, so both parties remain in the home.

Without one, generally speaking, any assets and debts that accumulate over the span of the marriage are subject to division between the parties. To avoid getting to that stage, Rubach says, it involves “removing the emotion from a very emotional experience.”in advance of any large, shared purchases. “Maybe you’ll never have to rely on that contract. And that would be great and it’s what we hope for. But in the case that you do, there won’t be contention, because you’ve already agreed to the procedure and the terms that you’re going to follow to deal specifically with the matrimonial home.”

“You have to get a sense of what assets you’re left with, what financial plan you’ve got in regards to assets, what’s the new budget going forward with either paying support obligations or receiving that, and getting a sense of what that feels like,” Sachs says. The best-laid plans can get complicated, she adds, such as moving forward with a decision to rent the basement for extra cash, because people underestimate renovation costs and create an unrealistic budget.

 

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Socialism. Where living together when you cannot afford another place. Good job pravda!

As a person who has been single for 10 years, this is not particularly news. There are millions of people in this country who live alone yet we are never included in any conversation about housing. it's all about 'families'.

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 /  🏆 60. in TH

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