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Procedure of Matrimonial Home Proceed?

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  • Procedure of Matrimonial Home Proceed?

    How is the matrimonial home proceed are handled in force sale?
    Is it handle in trust by real estate lawyer or is it handle by the courts for withdrawal process in phases awaiting settlement and trial?

    Also, who bear the costs? Divided by 2 or the losing part has to pay?

    Thanks
    Joe

  • #2
    In the forced sale of the matrimonial home the proceeds are held in trust with the real estate lawyer. All costs are split down the middle. Both parties lose. The real estate agent wins big time. The new purchaser wins because they get a house at fire sale price. Beware of doing this. The money held in trust is a perverse magnet that the judge can now access for distribution to everyone except for the two spouses. A judge can stick his fingers into this collective pot of money and order it released to pay for OCL, custody assessor or legal fees of one party. It can be held in trust for 4,5,6 years without you seeing a penny.
    The real estate lawyer may get fed up holding it in trust and have it deposited into court. If that happens... good luck getting it back at all. Ever.

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