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

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  #21 (permalink)  
Old 08-30-2011, 01:57 PM
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The house value at your separation should be almost equal to the purchase price since separation is only 30 days after unless you renovated and added some value to the house in this 30 days. If you did, you could add renovation cost to purchase price. Appraising cost about $400-$700.
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Old 08-30-2011, 02:43 PM
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So - is this how it should work??? I'm using round numbers for simplicity

2010 I paid $250,000 for the house - had a mortgage of $100,000., therefore equity of $150,000 - split 50/50 my equity $75,000, ex's equity at time of separation $75,000

2011 sold house for $252,000 - mortgage $98,000., total equity of $154,000 - ex's portion $75,000 (as it was at date of separation), mine $79,000. (this is where I recoup my principal paid), property taxes paid should be added on separately thru adjustments?

the 50% calculation will be based on the value of the house at time of separation - not what I sold it for ...the extra profit (the way the law reads) is mine.........any monies put into the house during the marriage - is 50/50 - regardless of who put what in.

thanks in advance for your help
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Old 08-31-2011, 03:50 PM
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Just looking at your excel spreadsheet - wondering since you're buying her out on the matrimonial home, does that mean you take on the entire mortgage (your half and hers?) I see the net equity adjusted for home in equalization but just not sure if that means you take on the whole mortgage - hope this makes sense...
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Old 09-01-2011, 09:56 PM
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Yes, I took on the whole mortgage 3 1/2 years ago when I bought her out.
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Old 09-24-2011, 11:01 AM
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Default This makes sense - is it correct? Anyone?

Quote:
Originally Posted by cory View Post
So - is this how it should work??? I'm using round numbers for simplicity

2010 I paid $250,000 for the house - had a mortgage of $100,000., therefore equity of $150,000 - split 50/50 my equity $75,000, ex's equity at time of separation $75,000

2011 sold house for $252,000 - mortgage $98,000., total equity of $154,000 - ex's portion $75,000 (as it was at date of separation), mine $79,000. (this is where I recoup my principal paid), property taxes paid should be added on separately thru adjustments?

the 50% calculation will be based on the value of the house at time of separation - not what I sold it for ...the extra profit (the way the law reads) is mine.........any monies put into the house during the marriage - is 50/50 - regardless of who put what in.

thanks in advance for your help

Can anyone with knowledge of this matter respond and confirm this? Does the spouse that continues to pay the mortgage + property taxes and house insurance benefit from the reduced principal and tax and insurance payments from the time of seperation to the time of sale of the matrimonial home?
Makes perfect sense. Answer please.
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Old 09-24-2011, 02:24 PM
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I can't understand why the Ontario law would be setup so that someone could be entitled to half the house equity that was made before marriage! That law seems like it would cause a lot of people to marry under false pretenses in hope of taking someones hard earned money. Thank god I live in Alberta where they use the value at marriage to determine the baseline to split. If it goes up from that then you split half. If it goes down then you both split the decrease.
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Old 11-10-2011, 02:07 PM
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Unfortunately even if you live in Alberta sometimes the matrimonial property that you brought into a marriage still isn't safe.
I bought a house prior to our marriage but my STBXhusband has had a wacko interpretation from a lawyer that says he is entitled to half of it anyway. We were trying to negotiate our separation agreement without lawyers as there are few assets and no kids, but he is being unreasonable and refuses to acknowledge the law so we are going to have to go through collaborative law (I hope) to come to a compromise.

Really, even though the law says it is exempt property people will still try to take it off you!!
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Old 11-14-2011, 12:38 PM
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Quote:
Originally Posted by thethanksiget View Post
Can anyone with knowledge of this matter respond and confirm this? Does the spouse that continues to pay the mortgage + property taxes and house insurance benefit from the reduced principal and tax and insurance payments from the time of seperation to the time of sale of the matrimonial home?
Makes perfect sense. Answer please.
I believe that equalization only deals with the equity of the house at the separation...unless parties agree to share sales profit and deduct all the cost paid after separation. Or, if a spouse stays home but the only the other spouse keeps paying all the bills for the house, interest, hydro,gas, and tax...that can be claimed as "occupancy rent", but you need to have this on your application.
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Old 11-14-2011, 12:47 PM
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Quote:
Originally Posted by locoroco View Post
I can't understand why the Ontario law would be setup so that someone could be entitled to half the house equity that was made before marriage! That law seems like it would cause a lot of people to marry under false pretenses in hope of taking someones hard earned money. Thank god I live in Alberta where they use the value at marriage to determine the baseline to split. If it goes up from that then you split half. If it goes down then you both split the decrease.
I totally agree with you.
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Old 01-15-2013, 07:53 PM
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hi - my Ex and I seperated Summer 2010. Divorce was finalized Early 2012. I had been paying all the expenses since the date of separation. The house was appraised one month prior to the date of separation. Am I to use that number to determine the equalization payment?

Can someone argue the date of separation now that the divorce has been finalized?
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