Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Reply
 
LinkBack Thread Tools
  #1 (permalink)  
Old 02-10-2017, 11:32 AM
hax hax is offline
Junior Member
 
Join Date: Feb 2017
Posts: 2
hax is on a distinguished road
Default Short Marriage

Hi,
Wondering if I can get some opinions, helping a friend gather some info.

Marriage is less than 2 years and just starting separation process. Condo bought together. No kids, no joint accounts.

Wife went for lawyer consult, who said to try and work out separation agreement amicably if possible. Husband suggested same as well. One thing Lawyer said is that condo is to be spilt 50/50 even though husband paid more deposit down.

Husband is claiming that her right to condo is not 50/50 as he paid more and it was a short marriage. Says a few lawyers told him this. Is he bluffing? Does it matter if the extra money he put when into closing costs.

TIA. She is trying to obtain some more legal advice but being Friday not sure if she will be able to right away.
Reply With Quote
  #2 (permalink)  
Old 02-10-2017, 11:47 AM
Senior Member
 
Join Date: Mar 2014
Posts: 2,886
rockscan will become famous soon enough
Default

How much is the amount of his extra? Is it worth an expensive legal battle? She should ask herself that much. They didn't buy a condo together if he paid more. They bought a condo at differing percentages. So take the amount of the value and split it proportionate to what they paid and move on.

To figure out the proportionate share, take what the total paid was and divide by her portion. Then calculate the split. Remember too that unless you're in a booming real estate market, what its worth and what it sells for are two different numbers!

Why waste money in a legal fight for a two year marriage.
Reply With Quote
  #3 (permalink)  
Old 02-10-2017, 01:10 PM
hax hax is offline
Junior Member
 
Join Date: Feb 2017
Posts: 2
hax is on a distinguished road
Default

Agreed, I don't think they will get into a legal battle as it's not a large amount.. However what husband is saying completely contradicts what a lawyer told her.. so either he is outwardly lying or the lawyer gave her wrong info as assured her it is supposed to be 50/50 no matter how much either paid into the property. Just trying to gauge which is more probable.
Reply With Quote
  #4 (permalink)  
Old 02-10-2017, 01:14 PM
Senior Member
 
Join Date: Mar 2014
Posts: 2,886
rockscan will become famous soon enough
Default

The lawyer always gets paid no matter what they say and the more work they do the more money they make.

She didn't go into the purchase 50/50, they bought a condo together but he paid more. Unless she put the equivalent into significant renovations to increase the value then she should expect to get the % back that she put in.

She needs to ask herself this: if the tables were turned, would she be willing to split the amount with him? Im guessing the answer is no.
Reply With Quote
  #5 (permalink)  
Old 02-10-2017, 01:22 PM
Janus's Avatar
Senior Member
 
Join Date: Jul 2012
Posts: 1,289
Janus will become famous soon enough
Default

You can be legal or you can be fair.

In this case, legal might involve a 50% split, but there is no chance that the husband will accept that. It will have to go to court. With short marriages, weird things happen in court, and the husband might very well prevail. If he prevails, not only does wife not get the 50%, but she also has to pay for her lawyer and her husband's lawyer. Her equity probably drops to something close to zero.

The fair thing would be proportionate split. No court, full certainty, guaranteed money.

To me, this is a no brainer.
Reply With Quote
  #6 (permalink)  
Old 02-10-2017, 11:20 PM
Rioe's Avatar
Senior Member
 
Join Date: May 2010
Location: Ontario
Posts: 3,209
Rioe will become famous soon enough
Default

Quote:
Originally Posted by hax View Post
Agreed, I don't think they will get into a legal battle as it's not a large amount.. However what husband is saying completely contradicts what a lawyer told her.. so either he is outwardly lying or the lawyer gave her wrong info as assured her it is supposed to be 50/50 no matter how much either paid into the property. Just trying to gauge which is more probable.
A married couple are viewed as a single financial entity. Even if they have separate finances, they are each entitled to half of whatever there is, minus what each started with. The exception is the matrimonial home, which is always divided 50-50 no matter who owned it first or how much money each person put into it.

However, in the case of a very short marriage, there is something called unjust enrichment, which points out how unfair this matrimonial home rule is for short marriages, because basically the day after the wedding, suddenly half of a pretty big asset get shared. If the marriage ends soon afterwards, someone has made a pretty big profit over the home. So when a marriage is short, the whole home value is not divided, but only the increase in value over the duration of the marriage.

So nobody is lying. Each lawyer is right, and telling each spouse what they want to hear. By the time the fight is over, the lawyers have shared the value of the home between them.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Pension valuation for short term marriage justcurioustoknow Divorce & Family Law 7 02-15-2013 04:47 PM
Spousal Support on Short Marriage MovingOn123 Divorce & Family Law 16 04-21-2012 06:06 PM
Very short lived marriage and equalization pseudonym Divorce & Family Law 3 08-23-2011 10:03 PM
Spousal Support - Short Marriage no children jkru23 Financial Issues 2 04-12-2011 05:03 PM
Couple of quick questions... Les Financial Issues 8 02-06-2006 12:50 AM


All times are GMT -4. The time now is 11:12 AM.