Steps to pay spousal support?

[blinkandimgone]

Be careful following advice without verifying it. As it is the matrimonial home you can't just arbitrarily decide to sell it if he doesn't agree. If he wonn't agree and can't buy you out then you can file a motion to push for the sale of the house but I don't believe you can just sell it. I could be wrong but that is my understanding.

[NBDad]

Get the house appraised, cost you a few hundred dollars for a professional to do so.

Appraised value - amount owning on mortgage / 2

That would be the value you'd use for equalization purposes. (NOTE that is ONE part of it...equalization takes YOUR net worth AND his net worth and expresses them as a percentage of the whole. The goal is to have both parties walk away with equal value. So if HE has more assets than you, he'd owe you an amount = to the difference. Whether that's in cash, or with you getting a higher value asset than him or whatever. (ie. he has a pension and you don't, his pension is an asset. His RRSP's have a higher value than yours do, those are an asset as well)

The house is a BIG part of most equalization equations, but it's not the only thing. Don't forget that.

[NoRegret]

Originally Posted by NBDad

Get the house appraised, cost you a few hundred dollars for a professional to do so.

Appraised value - amount owning on mortgage / 2

That would be the value you'd use for equalization purposes. (NOTE that is ONE part of it...equalization takes YOUR net worth AND his net worth and expresses them as a percentage of the whole. The goal is to have both parties walk away with equal value. So if HE has more assets than you, he'd owe you an amount = to the difference. Whether that's in cash, or with you getting a higher value asset than him or whatever. (ie. he has a pension and you don't, his pension is an asset. His RRSP's have a higher value than yours do, those are an asset as well)

The house is a BIG part of most equalization equations, but it's not the only thing. Don't forget that.

yes it is appraised. we both have pensions. he has rrsp I don't, because I used up all my rrsp to help with house bills when we were both out of work in 2008 / 2009. I am told about pension and rrsp also. just haven't talked about it with him

[NoRegret]

Originally Posted by blinkandimgone

Be careful following advice without verifying it. As it is the matrimonial home you can't just arbitrarily decide to sell it if he doesn't agree. If he wonn't agree and can't buy you out then you can file a motion to push for the sale of the house but I don't believe you can just sell it. I could be wrong but that is my understanding.

thanks for this. I heard this from a professional but not a lawyer. she probably did it and managed to sell. hubby and I had a talk earlier today and he asked for a week time to think. so I will contact him again next week. I know for sure he is not going to sell the house with mortgage so low. but if he can find a place way cheaper than the mortgage, he sure will change his mind.

[today]

Doesn"t really matter if he sells or not, "equalization" of assetts and debts will have to take place at some point, sooner rather than later, he could always refinance taking a larger mortgage to pay you out, thus keeping the house, keep in mind the other advice about all else included in the process of equalization, the house is only one of many things that will likely need to be taken into consideration.

[NoRegret]

Originally Posted by today

Doesn"t really matter if he sells or not, "equalization" of assetts and debts will have to take place at some point, sooner rather than later, he could always refinance taking a larger mortgage to pay you out, thus keeping the house, keep in mind the other advice about all else included in the process of equalization, the house is only one of many things that will likely need to be taken into consideration.

that's true. I need to do this soon while he is in a good mood. otherwise he may change his mind and make it difficult.