Property Split on Principal Residence

[Sasha58]

My CL wife and I started living together in July 1987 in a rental unit I paid for, while she completed university. I was gifted a parcel of land from my parents in March 1988 and in March 1991 completed the building of a home on the property. The property remained in my name until June 2004 when a bank insisted they would like to see the property in both our names for a lower interest rate. I complied. Verbally, there had always been an agreement if the property were sold, we would separate the value of the land for myself, and split the value of the building. In viewing the split between land and building, I am interested if a written agreement now is legally binding in Ontario. And if so, if the percentage of land to building needs to be back-appraised to 1987, 1988, 1991 or not until the property is sold.
Regards
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[logicalvelocity]

Sasha58,

I believe that you and your CL partner can enter into an agreement at any time as long as:

• both parties seek independent legal advice;
• both parties exchange full and frank financial disclosure;
• both parties are in the right frame of mind not suffering from any mental disorder; and,
• said agreement to be witnessed when signed by the parties

To legally bind the unusual legal document, it should be professionally prepared with attention to prevailing laws that may have an impact on its structure.

lv