Before any split happens, the mortgage, any secured lines of credit and closing costs of roughly 4 to 6 percent, covering commission, legal fees and adjustments together, come off the top through the lawyer handling the file. What is left is the equity actually available to divide.
Valuation date matters as much as the formula. Both spouses' lawyers will want a credible number as of a specific point, since a home that has moved in value between separation and sale can shift what each side is owed under the Act.
Joel Dyck provides a neutral, hand-reviewed valuation both sides' lawyers can work from, rather than dueling numbers from two different online tools. Get your hand-reviewed valuation from Joel Dyck.