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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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Old 03-03-2007, 08:46 PM
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Default Another marital home question

When I met my second husband, he had NO assets whatsoever - I owned a home. When I purchased my home, I was able to qualify as a first time homebuyer after being divorced for 5 years from first husband and was able to use RRSP funds through the Home Buyer's Plan. I met my new husband in 1999 and we married in 2003. When he asked me to relocate to a new city for his career, we sold my home - the condition was that I had to assign (by legal gift) all of the proceeds of the sale to the payment of his personal debt. I had quit my job in anticipation of the move, so when it came time to qualify for new mortgage money in our new city, I was only contributing debt to the equation. He was a first-time homebuyer, and as his debt had all been cleared off with the proceeds from the sale of my (our) house, was able to qualify for a zero down mortgage on his own - so, the mortgage is in his name alone although we are both on title. We are now separated and my lawyer believes that if he is going to take half the equity in our new house (either through buy out of my share or judicial sale), he should also be responsible for half the debt remaining to the federal Home Buyer's Plan which I still have to pay back for the downpayment on my first home. The reasoning is that those previously borrowed RRSP funds were used to pay off his debt when the property was sold, thus enabling him to qualify for the new mortgage. Any thoughts? Does this seem logical?
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Old 03-04-2007, 08:11 PM
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starting_over,

as you mentioned,

Quote:
We are now separated and my lawyer believes that if he is going to take half the equity in our new house (either through buy out of my share or judicial sale), he should also be responsible for half the debt remaining to the federal Home Buyer's Plan which I still have to pay back for the downpayment on my first home. The reasoning is that those previously borrowed RRSP funds were used to pay off his debt when the property was sold, thus enabling him to qualify for the new mortgage. Any thoughts? Does this seem logical?
That appears logical to me and reasonable.

However, since you left your employment to aid his career, I suspect your also entitled to spousal support if your in need and they have means.


lv
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Old 03-05-2007, 12:40 AM
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Thank you so much...
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