Divorce: What You Need to Know About Your House, Your Home Loan and Taxes
How to Avoid Costly Housing Mistakes During and After a Divorce
Divorce is rarely easy and often means a lot of difficult decisions. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific information and answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decisions are easier. A neutral, third party can help you make logical worthwhile decisions, with useful information, rather than making emotional ones.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security, or unpleasant memories? Do you want to minimize change by staying where you are, or sell your home and move to a new place that offers a new start?
Only you can answer those questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or is it better to sell and buy? How much house can you buy on your new budget? We can help you to determine what you can afford.
You also need to consider do you have a Separation Agreement in place?
Items to Consider:
Review your tax withholding status at your job. If you become 'single' again you will have to determine if you're having the correct amount withheld from your paycheck by your employer. If you have too much taken out of your paycheck, you'll lose the use of that money until you get your tax refund. However, if you have too little withheld, you might have to pay a penalty.
You also need to update your insurance needs. Perhaps you need to increase or decrease or coverage depending on your situation, or consider a different type of insurance. Perhaps you can consolidate your policies with the same company to save money. Call your Insurance Agent for more information.
Update your will, emergency contact list, and beneficiaries. Keep your legal documents up to date with every change in your family situation. You don't want your ex-spouse to inherit your house. Besides updating your will, review the beneficiaries you declared on all your retirement accounts and insurance policies.
This information is not intended to offer legal advice. Please consult a lawyer for legal advice. For a list of Family Law Lawyers please CLICK HERE
DIVORCE LAW—QUESTIONS AND ANSWERS
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If you would additional information, please give Jodi or Bruno a call.
Helping you locate great neighborhoods in Mississauga, Milton, Oakville, Brampton, and more.
The following is a review of cities within the GTA.
Did you know that Mississauga is Canada's 6th largest city that is located on the shores of Lake Ontario.
Explore Mississauga’s quaint historic villages, waterfront, or world-class art and theatre at the Living Arts Centre. Visit the Rhododendron Gardens, shop at Square One - Ontario's largest shopping mall.
Mississauga offers stunning architecture, museums, and lakefront parks.
Mississauga offers more than 480 parks and woodlands for you to enjoy. There are lakefront parks at the waterfront. The City has developed and upgrading lakefront parks over the past few years. Many of the lakefront parks feature offer: trails for hiking, cycling, in-line skating, splash pads, beach volleyball, and much more.
Each year more than 200,000 people enjoy the picnic areas in Mississauga's parks. If your family or group is less than 25 people you can use the picnic areas without obtaining a permit. However groups over 25 people are required to obtain a Park Permit. You will require a park permits for all wedding photography as well.
Mississauga has an extensive trail system. These trails can be used for walking, jogging, cycling, and inline skating. During the winter month’s you are welcome to cross country ski.
Mississauga also offers 2 Marinas. Located in the heart of Port Credit, Credit Village Marina provides 100% transient docking for boats up to 45 feet in length. This marina is just steps away from the Village of Port Credit.
Lakefront Promenade Marina one of the largest and most beautiful park developments on all of Lake Ontario. The marina offers amazing boating facilities, a licensed outdoor restaurant, park trails and many other amenities.
Mississauga offers 18 City-run swimming pools and 11 are indoor facilities. The City also offers 7 fitness centers that have treadmills, life cycles, stair climbers, elliptical trainers and rowing machines, and aerobic classes
Mississauga also offers 21 indoor ice-rinks for public skating and hockey.
If you like to shop, Square One with over 350 stores is where you want to go. This mall has department stores such as Sears, Walmart, Zellers, and the Bay. There is also food court, and Cineplex Odeon theatres.
Mississauga also has the Erin Mills Town Centre, Dixie Outlet Mall, Heartland Centre, Port Credit Village, Clarkson, and The Village of Streetsville.
Lastly, you must visit The Farmers' Market located in the Square One parking lot for fresh produce. This takes place every Friday between the 3rd week in June until the end of October.
Milton is located just 40 km west of Toronto is part of the Greater Toronto Area. Milton is one of the fastest growing communities in all Canada. It has had a 71.4% increase in population between 2001 to 2006.
Milton was named after the great author John Milton.
When in Milton, you can experience visiting an ostrich farm, visit the downtown Milton’s farmers market for fresh fruits and vegetables. The downtown offers the restored Waldie's Blacksmith Shop, and many specialty art and antique galleries.
Milton Street Names and Meanings
Field Drive, In 2002, Field Drive (located in the Clarke Neighborhood) was named after Myrtle B. Field (1883 - 1970), who was the Deputy Registrar and one of two women in the province of Ontario that were named Registrar of Deeds for Halton between the years of 1902 to 1955.
Freeman Trail, In 2001 located in the Beaty Neighborhood was named after Dr. Clarkson Freeman (1827-1895). Freeman was a local teacher, medical doctor, served as the Mayor of Milton from 1870 -1872. During the American Civil War, he served in the Union Army under General Ulysses S. Grant as a surgeon and Commander-in-Chief of the Union Army.
Heslop Road, located In Fallingbrook neighborhood. This street was named after Dr. Cecil Hartley HeslopIn (1896 - 1982), He was a local veterinarian, Mayor of Milton (1948 to 1951) and (1954 to 1955). He was also Milton’s Town Councillor from 1920 and 1939.
James Snow Parkway was named after the Honorable; James Snow (1929 - ), He was the Member of Provincial Parliament representing Halton/Oakville during the period of 1967 to 1986. He also held the position of Minister of Transportation for Ontario for the longest period of time. James Snow Parkway runs partially through the lands once owned by the Snow family.
Kearns Drive located in the Clarke Neighborhood, was named in 2000 after a resident of Milton. Private William Kenneth Atkinson Kerns (1893-1919) had served with the Canadian Over-Seas Expeditionary Force during World War I. He passed away in a British hospital on March 9, 1919, at the age of 26, during a surgery to relieve an intestinal obstruction.
Kennedy Circle located in the Beaty Neighborhood, was named after Thomas Laird Kennedy (1878-1959), who was the 15th Premier of Ontario from 1948-1949. He was also the grandfather of Ted Chudleigh, who was a Member of Provincial Parliament (MPP) for Halton North.
Louis St. Laurent Avenue, is located in both Beaty and Coates Neighborhoods, was named Louis St. Laurent (1882-1973), who served as the 12th Prime Minister of Canada from 1948-1957.
Matheson Gate, is located in the Dempsey Neighborhood, and was named after John D. Matheson (1846-1916), who was a local lawyer, publisher of The Canadian Champion, and was the Mayor of Milton in 1881.
McCrae Court, located in the Dorset Park Neighborhood, and was named after John McCrae (1872-1918), who was a doctor; as well as the poet that authored "In Flanders Fields" in 1915. Each year on Remembrance Day, this is the poem is recited around the world.
McCutcheon Crescent, located in the Beaty Neighborhood, and was named after Dr. John Wallace McCutcheon (1905-1992), who in 1946 was a local doctor in Milton, was one of the 5 founders of the Blue Cross (Ontario) on April 1, 1941, and served as a member of the Milton Public School Board from 1958-1959. He founded the Wallace McCutcheon Music Award, which is an award given annually to those with musical ability.
Norrington Place, located in the Dempsey Neighborhood, and was named after Walter John "Bus" Norrington (1915-1988). He was a local farmer, businessman who served as Milton’s Town Councillor in 1947. He also volunteered as a member of the Rotary Club of Milton in 1947. In 1979, at the Royal Winter Fair he was named "World Rye King" for his Rye seed.
Robertson Crescent, located in the Timberlea Neighborhood, was named after Peter Lymburner
Robertson (1879-1951). He was the inventor of the socket head screw, and who founded the P.L. Robertson Co., which was the town's major manufacturing employer for over 50 years.
Woodward Avenue, located in the Old Milton, Mountain View and Dempsey neighborhoods, as part of the Bousfield Survey, was the last street before the north boundary of the original town site. It received this name simply because it had a pleasant sound.
Oakville founded in 1827 is a lakeside city is located west of Mississauga and East of Burlington and Hamilton. Oakville vision is to become the most livable town in Canada.
Oakville neighborhoods consist of: Old Oakville, Bronte, Clearview ,College Park, Glen Abby , Palermo, River Oaks , West Oak trails , and many more
Oakville is a friendly waterfront community. It is close to all major cities. Oakville is only a 30 minute drive to downtown Toronto, and less than hour’s drive to the U.S. border.
Oakville offers many services, amenities, as well as recreational and educational activities as well.
It is a great destination for visitors looking for entertainment without the big city feel; offering: theaters, galleries, and concerts including live theater, music, galleries, and garden tours.
For recreation Oakville offers: Bronte Creek Provincial Park, Coronation Park, and many great golf courses.
Oakville also offers many restaurants for your dining pleasure; along with fun filled festivals and events throughout the year, including the Maple Syrup, Oakville waterfront festival and Oakville Jazz Festival.
Oakville offers over 3000 acres of parkland, 140 kms of trails and natural creeks, 17 kilometers of waterfront.
Oakville's offers many marinas in the Bronte Harbour and the Oakville Harbour. Visiting boaters can enjoy dining, shopping, and local attractions.
Brampton, the Flower town of Canada is the third largest city in the Greater Toronto Area of Ontario and one of Canada's fastest growing municipalities. The city is just minutes away from Pearson International Airport.
Brampton Neighborhoods consist of: Bramalea, Castlemore, Churchville, Claireville, Mount Pleasant, Snelgrove, Professor’s Lake, and many more.
The intersection of Main Street and Queen; also known as the "four corners". has existed since the 1820’s..
In the early 1820s, John Elliott and William Lawson from Brampton, England, established a Methodist presence in the area. In 1834. In honor of their English home, they named their settlement Brampton.
In 1860, Edward Dale established a flower nursery. Shortly after that, Brampton became known as the “Flowertown of Canada”. By the 1900’s acres of land were filled with greenhouses that were growing orchids, hybrid roses and many other flowers.
Brampton changed after the Second World War. In the late 1950s, Bramalea was created as "Canada's first satellite city". Bramalea was a planned community built to home 50,000 people by offering homes, shopping, parks, and business.
The Region of Peel was created in 1974 and Brampton became a city. By the 1980’s, large subdivisions were being developed on lands that were once used for farming. The now culturally diverse City of today, was emerging.