Ask the Expert: What Happens to the Money Once The House is Sold?

M writes:  My soon to be Ex and I are in the process of selling our house and finalizing our divorce.  My concern is that when the house is actually sold,  those funds may fall into the hands of my spouse and will be spent or hidden before they are split!

“What happens to the money once the house is sold after our divorce?”

 

Expert Answer by Stephen Altwerger, Real Estate & Corporate Law

In the Province of Ontario, the consent of both spouses is required on the transfer document before the sale can be completed and transfer registered.  Both owners must sign (if they are both registered on title) or the spouse that is not registered on title must sign as consenting spouse to the transfer of the property.

Ordinarily in matters of separation or divorce there are separate lawyers acting for each party and it is usually a condition that the lawyer acting on the sale hold all the monies, after payment of all liabilities associated with the sale, in their trust account until the issues between the parties have been resolved. Upon instruction of both parties, the funds are released in accordance with the signed directions.

Ask the Expert: What Happens to the Money Once The House is Sold? 1

Gail Vaz-Oxlade: Canadian best-selling financial author, host of TV’s ’till Debt Do Us Part, Princess and Money Moron and co-founder of the Common Sense Divorce.

A Pre-Recorded Message About Our Services
Not everyone is ready to talk with somone in person.  You can call the Common Sense Divorce at anytime and hear a pre-recorded 2 min message about our services.

Free Telephone Consultation
We will gladly take the time to speak with you about our services and the divorce process in Ontario.  The Common Sense Divorce offers a free 20 min telephone consultation.

Respect Your Privacy
We understand that this is a difficult time and calling us is a big step.  We are going to work hard to make this phone call easier, make you feel at ease and make sure that we respect your privacy.

Calling DOES NOT Mean You Are Divorcing
We understand that you may be just researching and have not made any decisions.  We do not assume that because you are calling, that this means you are divorcing.

Ontario Divorce and Information Network

The Common Sense Divorce is pleased to be a founding partner and core sponsor of the Ontario Divorce Information Network (ODIN).

The ODIN Platform is a Free Divorce information service for Ontario residents researching separation and divorce in the Province of Ontario. 

People make HUGE, expensive mistakes because they don't

Gail Piggy Bank White Circle Facing Left

People Make Seriously Expensive Mistakes because they don't do their homework!

Generate your personalized
Separation Analysis Report