How Can I Protect My Cottage During a Divorce?

The division of property during a divorce is a complex issue. While you’re potentially worried about where you are going to live, property used primarily for recreation like your cottage is also going to be important to your future happiness.

Here are some tips for protecting your cottage when you’re in the process of getting a divorce:

1. Know Your Advantages

According to the Attorney General, “the value of any kind of property that was acquired by a spouse during the marriage and still exists at separation must be divided equally between the spouses”, not the property itself.

Since your cottage probably isn’t your matrimonial home, the rules surrounding it are very different (which, in this case, is good for you). If you own the cottage on your own, you may continue to own it; you will, however, likely have to pay equalization payments.

If you inherited the cottage, it may be exempt from equalization payments. The Attorney General’s site explains that possible “excluded property” includes “gifts or inheritances received during the marriage from someone other than a spouse, provided that the gifts or inheritances were not used towards a matrimonial home”.

2. Don’t try to sort out the legalities on your own.

Seeking out legal assistance can both help you protect yourself and your property and help to keep discussions civil and focussed. Don’t underestimate the value of an intermediary force. A professional mediator or a lawyer can both be useful when trying to sort out property rights.

3. Consider a prenup that includes details about your cottage

As someone going through a divorce, you now know how complicated the legal aspect can be. Use your new knowledge so that you can enter a new union with reduced stress and a sense of security.

Divorce is not something to go through alone; you’ll need both social and legal support.

Need help with property division? We can help

At Fine & Associates Professional Corporation, we understand that property division can be both legally complex and emotionally charged. Let our experienced family law lawyers help you through this difficult time in your life by fighting for your best interests. Contact us today to speak with Lorne Fine, a divorce lawyer who will fight aggressively for equitable distribution of your family’s assets.