‘Real Housewives of Atlanta’ star and model, Cynthia Bailey, and husband, Peter Thomas, have reportedly sold their family home amid their ongoing separation and expected divorce.
Less than five months after announcing their split, Bailey and Thomas put their four-bedroom, five-bathroom home on the market in July, and it is already in escrow – for almost $700K.
In Ontario, the family home – also referred to as the matrimonial home – is afforded special treatment. Both parties to a marriage have a right to possess and live in the matrimonial home, irrespective of who owns the property. Consequently, neither party can sell or dispose of the home without the express consent of the other (or a court order). The title-holding spouse also cannot change the locks, sublet, rent, or sell the home without the other’s permission.
The family home is often a couple’s biggest or most meaningful asset, and although selling it can be complicated, it may be of benefit to both spouses. In addition to possibly making it easier to move past the emotions associated with the end of the relationship, the profits from the house’s sale are equally split (unless an agreement or court order provides otherwise) between the spouses and can then be used to cover the expenses related to the separation or divorce.
If Bailey and Thomas have mutually agreed to sell their home, they have likely reached the point of no return on their race towards that divorce finish line.