I agreed to sell the house to my ex-spouse, but we did not deal with the rest of the financials yet.
To buy out my share of the house out my ex is to give me $ 40K (which includes paying off of one joint debt of $5K). The house was sold "as is", excluding the contents of the house included i.e. washer, dryer etc, building supplies for renovation etc that was purchased.
His Pension Plan - will be divided at source and my half will be put into a locked RRSP. (because he said he could not afford to buy me out)
We have more debts than assets (more on my side because during our marriage he could not get credit and it was always in my name).
How does that work in the net equalization now that the house is taken out of the equation (or is it considered still as part of it?)
Financial picture below:-
1.I have about 50K in debt (under my name for loans, cc etc).
2.We have joint debt of $ 14K
3. He owes me over $5K for Section 7 Expenses - Is this treated separately from Net Equalization?
4. RESP - $4K is owed (which is to be paid proportionate to our income) ..Q : Is this considered part of net equalization also, or no ?
5. Buidling supplies for the renovation to the house that he never completed or did was not included in the sale of the house - this is part of the assets. He has it at the house.
6. He has other assets on his side that amount to at least $30K. (besides his pension).
7. I have a lein on the house by Legal Aid that is for $20K that I understand is to be paid off first (which only leaves me about $15K)
Because the debts are mostly in my name and not his, how does this impact the equalization process. Is he to pay me for his half of the debt which was all incurred during our marriage ? And because we have more debt than assets how does that impact the whole thing.
Any help to make sense of this would be appreciated. I don't want to go bankrupt. My ex spouses parting words were "I'll bankrupt you again" and I don't want to go down that route again.
Thanks
To buy out my share of the house out my ex is to give me $ 40K (which includes paying off of one joint debt of $5K). The house was sold "as is", excluding the contents of the house included i.e. washer, dryer etc, building supplies for renovation etc that was purchased.
His Pension Plan - will be divided at source and my half will be put into a locked RRSP. (because he said he could not afford to buy me out)
We have more debts than assets (more on my side because during our marriage he could not get credit and it was always in my name).
How does that work in the net equalization now that the house is taken out of the equation (or is it considered still as part of it?)
Financial picture below:-
1.I have about 50K in debt (under my name for loans, cc etc).
2.We have joint debt of $ 14K
3. He owes me over $5K for Section 7 Expenses - Is this treated separately from Net Equalization?
4. RESP - $4K is owed (which is to be paid proportionate to our income) ..Q : Is this considered part of net equalization also, or no ?
5. Buidling supplies for the renovation to the house that he never completed or did was not included in the sale of the house - this is part of the assets. He has it at the house.
6. He has other assets on his side that amount to at least $30K. (besides his pension).
7. I have a lein on the house by Legal Aid that is for $20K that I understand is to be paid off first (which only leaves me about $15K)
Because the debts are mostly in my name and not his, how does this impact the equalization process. Is he to pay me for his half of the debt which was all incurred during our marriage ? And because we have more debt than assets how does that impact the whole thing.
Any help to make sense of this would be appreciated. I don't want to go bankrupt. My ex spouses parting words were "I'll bankrupt you again" and I don't want to go down that route again.
Thanks
Comment