Hello,
I am new to this site, so I wanted to say thank you in advance for viewing and responding. This has been a difficult time, but support such as these sites make it easier. I hope you can provide some insight on this matter about debt assignment. My post may seem long, but I have clearly laid out the details. THANK YOU FOR YOUR REPLIES!!
My questions (2) are at the end.
-Married in late August 07. Separated in Feb. 08 (Lived together 5 months)
-For 4 months, we lived at "home" with my parents, and paid no rent/expenses
-For 1 month, we lived in a rented suite.
-Prior to marriage, we did not live together or share a home. However, we spent the majority of most days together.
DEBT:
Credit cards. (Visa-I was primary, and ex added as "joint" 4 months prior to marriage) (AMEX- I was primary card holder)
During marriage (and prior to) I worked, and she well, did nothing other than school. I paid for daily living expenses via cash and the credit card.
Visa was used for all shared/enjoyed living expenses PRIOR TO marriage, and during.
She had a bank account. I was not aware of the balance or $ going in/out. I suspect her parents were providing some cash.
I was the only one contributing to payments, etc. She may have contributed the odd occasional payment, but the majority came directly from me, from my RBC bank account (direct payments online).
At time of separation, the Visa and Amex had a balance (6500/1500 respectively).
Investment Property
We purchased a townhome together, with equal down deposits (prior to marriage). The townhome was rented out since purchase and was managed by me (collecting rent, doing basic repairs, etc).
I also paid for monthly interest on 2 lines of credit used for the down deposit.
We will sell the property.
Questions:
1) Debt:
a) How will the credit card debt acquired during the marriage be divided, since my ex did not pay anything toward the balance (For the credit card debt prior to and until February, I made several payments totalling ~ 20 000).
b) How will the outstanding balance on the credit cards be divided?
2) Property
After the property is sold (mortgage and penalties paid back, and the lines of credit paid back) how will any remaining funds be divided, considering I managed the property and paid the interest on the lines of credit?
(I assume that I will be paid back the interest, and the net will be divided 50/50)
Thank you!
I am new to this site, so I wanted to say thank you in advance for viewing and responding. This has been a difficult time, but support such as these sites make it easier. I hope you can provide some insight on this matter about debt assignment. My post may seem long, but I have clearly laid out the details. THANK YOU FOR YOUR REPLIES!!
My questions (2) are at the end.
-Married in late August 07. Separated in Feb. 08 (Lived together 5 months)
-For 4 months, we lived at "home" with my parents, and paid no rent/expenses
-For 1 month, we lived in a rented suite.
-Prior to marriage, we did not live together or share a home. However, we spent the majority of most days together.
DEBT:
Credit cards. (Visa-I was primary, and ex added as "joint" 4 months prior to marriage) (AMEX- I was primary card holder)
During marriage (and prior to) I worked, and she well, did nothing other than school. I paid for daily living expenses via cash and the credit card.
Visa was used for all shared/enjoyed living expenses PRIOR TO marriage, and during.
She had a bank account. I was not aware of the balance or $ going in/out. I suspect her parents were providing some cash.
I was the only one contributing to payments, etc. She may have contributed the odd occasional payment, but the majority came directly from me, from my RBC bank account (direct payments online).
At time of separation, the Visa and Amex had a balance (6500/1500 respectively).
Investment Property
We purchased a townhome together, with equal down deposits (prior to marriage). The townhome was rented out since purchase and was managed by me (collecting rent, doing basic repairs, etc).
I also paid for monthly interest on 2 lines of credit used for the down deposit.
We will sell the property.
Questions:
1) Debt:
a) How will the credit card debt acquired during the marriage be divided, since my ex did not pay anything toward the balance (For the credit card debt prior to and until February, I made several payments totalling ~ 20 000).
b) How will the outstanding balance on the credit cards be divided?
2) Property
After the property is sold (mortgage and penalties paid back, and the lines of credit paid back) how will any remaining funds be divided, considering I managed the property and paid the interest on the lines of credit?
(I assume that I will be paid back the interest, and the net will be divided 50/50)
Thank you!
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