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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 11-17-2005, 01:06 AM
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Default Division of Proceeds when Joint Tenants

Hi. I will probably need to eventually hire a lawyer to draw up some sort of separation agreement, but at this point in time, I'm just trying to figure out what I might end up with (financially) when my husband and I separate. Any thoughts would be appreciated.

To make it easier to read, I'll put the info. in point form.....

I had a child with this person in 1987. We didn't move in together at that time... I rented a home, and he owned his own home.

In 1995, he sold his house, and together we purchased a home and all moved in together. He used the proceeds from selling his previous house ($150,000) as the down payment for the house we were buying. On the house title, we are listed as “Joint Tenants”.

In 1996, we got married.

In 2006, we plan to sell the property and go our separate ways.

What can I expect will happen with the proceeds of the sale? Is he entitled to $150,000 off the top (since he had made the down payment) and then the remaining proceeds split 50/50 between us?

Or,

Because we are “Joint Tenants” on title, do I automatically get 50% of the whole amount the house sells for?

Thanks for any advice you can offer.
Marie
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Old 11-17-2005, 11:39 AM
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Default Division of Proceeds...

Hi Marie,
I went through a separation agreement and the actual divorce some time ago. From what I understand you should be entitled to 50% of all the assets, even though your husband brought so much downpayment in (you should take a look at Jefferey's website, Matrimonial Home section). At the time your husband sold his house he could have kept $150,000 and lets say put down only $10,000.00, however he invested $150,000, which became your joint assets when you bought the house. The proceeds from the sale of the house should be split 50/50, regardless of his 'share'. That's just how I see it, based on the info regarding matrimonial property (unless I'm interpreting it wrong).
JoJo
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Old 11-18-2005, 04:09 AM
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Quote:
Originally Posted by jojo
Hi Marie,
I went through a separation agreement and the actual divorce some time ago. From what I understand you should be entitled to 50% of all the assets, even though your husband brought so much downpayment in (you should take a look at Jefferey's website, Matrimonial Home section). At the time your husband sold his house he could have kept $150,000 and lets say put down only $10,000.00, however he invested $150,000, which became your joint assets when you bought the house. The proceeds from the sale of the house should be split 50/50, regardless of his 'share'. That's just how I see it, based on the info regarding matrimonial property (unless I'm interpreting it wrong).
JoJo
I like your interpretation..... That would be great. And I will definately check out the website... I didn't see a section titled Matrimonial Home though. I'll go back and look again.

Thanks for replying. It was much appreciated.
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Old 11-18-2005, 04:15 AM
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I agree with Jojo on this.

Matrimonial Home is subject to 50% division regardless of who put down payment. I think that is how the law is applied, however it doesn't mean it morally correct.
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Old 11-22-2005, 12:10 AM
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Jojo and logicalvelocity are right (assuming you're in Ontario).

If the matrimonial home was owned on the date of marriage, then you don't get a deduction from your net family property like you would with anything else brought into the marriage.
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