How Long Do You Have to Sell a House While You are Going through a Divorce in BC?

It can be complicated to divide property during a divorce, especially when it involves selling a family home. If you are navigating property division in British Columbia, you may have questions about how long you have to sell your house when you are going through a divorce. Valerie M. Little, your trusted New Westminster divorce lawyer, guides clients across Metro Vancouver through the property division process.   Valerie has years of experience in family property division and can provide timely and practical legal advice tailored to each client's unique circumstances.

Understanding Time frames for Selling a House After Separation in BC

In BC, there is no fixed time limit for separated married spouses to sell their house.  Instead, the key legal framework is the division of property under the Family Law Act (Part 5). This legislation governs how marital assets are divided.  This includes the family home. Typically, the home is either sold and the proceeds divided equally or unequally or one spouse buys out the interest of the other party and keeps the home.

The sale time line depends on several factors such as court orders, mutual agreements, mortgage obligations and mortgage penalties if the mortgage is paid out before it matures, the presence of children and the financial situation of each spouse. Valerie M. Little, a knowledgeable family lawyer in New Westminster, has assisted clients in negotiating or litigating these matters to reach fair and timely resolutions.

It is common in many Metro Vancouver divorces for couples to have joint conduct of sale.  This means that:

(a)   they agree upon a single real estate agent;

(b)  they agree upon the length of the real estate contract with a specific real estate agent; 

(c)   they agree upon what repairs, renovations or preparations are necessary prior to listing the home for sale;

(d)  they agree upon a list price and eventually a sale price. 

However, when spouses cannot agree, a court may will order the former family home be listed for sale either prior to trial or at trial and make orders regarding these very same issues. Oftentimes, spouses and their lawyers will have to return to court for the court to approve an offer for sale.  This process is more costly than if the spouses can agree to these terms on their own.

Important Considerations When Selling a House During a Divorce

There are often practical and legal issues to address when selling a former family home. Here are some key points to keep in mind:

• Mortgage and Financial Obligations: If a mortgage exists, it typically needs to be paid off at the time of sale or refinanced before the buyout can proceed. As a BC family lawyer familiar with high-net-worth divorces, Valerie helps clients understand their options, including emergency orders if urgent exclusive occupancy orders are needed or urgent access to the net sale proceeds is required.

• Children and Parenting: If children live in the family home, selling it might impact their stability and schooling. Valerie can advise you on how parenting arrangements  will affect the timing and terms of a sale. Parenting issues previously called Custody issues often intersect with spousal support and child support arrangements.  Sometimes, parties will agree to pay off joint family debts and maintenance arrears from the net sale proceeds and the balance is held in a lawyer’s trust account until all financial issues are resolved.

• Separation Agreements and Court Orders: Often the terms of selling the house will be detailed in a separation agreement or court order. Valerie has experience in drafting clear, enforceable agreements that address issues such as occupancy of the home, responsibility for the maintenance of the home, responsibility for the expenses of the family home  together with the ultimate division of the family home and division of family debt.

How to Proceed With Selling a House During Your Divorce in BC?

If you and your spouse decide to sell the family home, here are some essential steps to follow:

1. Consult a Family Lawyer: Early legal advice from Valerie ensures your rights are protected and the sale complies with BC family law.

2. Agree on Sale Terms: Work towards an agreement on sale price, timing, and division of proceeds, possibly with the support of mediation or negotiation services. Valerie is a certified family law lawyer. 

3. Prepare for Sale: Arrange for appraisals, inspections, and necessary repairs to maximize value.

4. Sell the Property: Use a trusted real estate professional and ensure the sales documents reflect the agreed upon terms.

5. Distribute Proceeds: Ensure the proper division of net sale proceeds occurs together with the proper payment of family debt or have the net sale proceeds held in an interest-bearing trust account until an agreement is reached or Court Order is made for the division and pay out.

Why Choose Valerie M. Little for Your Divorce Property Division?

It can be emotionally draining to try to divide your own family property and debt.  There may be tax consequences to consider depending on the types of assets being divided. Valerie M. Little collaborates with tax lawyers,  pension lawyers, accountants and business lawyers to ensure your property division results in the most advantageous division for you.   She also has a mental health court worker and a registered clinical counsellor on hand to provide emotional and stratgeic litigation support as you go through the process of untangling your financial affairs with your spouse. Whether you require assistance with an uncontested divorce or a contested divorce, Valerie has the experience to work diligently to protect your interests.

Valerie M. Little serves clients throughout Metro Vancouver, including Burnaby, Coquitlam, Port Coquitlam, Port Moody, Maple Ridge, Pitt Meadows, Langley, Surrey, Aldergrove, Abbotsford, Chilliwack, Vancouver, West Vancouver, White Rock, Richmond, Delta, Ladner, Squamish, and Whistler. From high-conflict situations to grey divorce cases, Valerie offers comprehensive family law services  both inside and outside the courtroom.

If you have questions about selling your home during before or during your divorce or need assistance with any other property division issues in BC contact Valerie M. Little Law Corporation today. Valerie is ready to help you move forward to start a new chapter in your life.