Ottawa Divorce .com Forums

User CP

New posts


  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Thread Tools
Old 02-08-2017, 09:00 AM
qqq123 qqq123 is offline
Junior Member
Join Date: Jan 2017
Posts: 1
qqq123 is on a distinguished road
Default Second House

We have a family home, both our names are in the title and mortgage (we have a huge mortgage considering our age). My husband now wants us to get another mortgage to buy his parents a house, and I am not willing to commit.

If he goes ahead and gets the mortgage by himself and buy a house for his parents (I think he will be qualified for a lower amount if he is applying without me), we will separate our finances. He will use his remaining income after paying off his share of common bills to make payments to the second mortgage.

My questions are:

- Will this second house be considered as matrimonial property or not? We are not separated. We won't be living there since his parents (and a few years later his nephews too) will be living there
- Should a divorce happen, how will that house be considered in the process? Both the property and mortgage of this second should be under his name. I want to know how the property and debt considered?

Thank you kindly
Reply With Quote
Old 02-08-2017, 11:49 AM
stripes stripes is offline
Senior Member
Join Date: Feb 2013
Posts: 2,838
stripes is on a distinguished road

If you are contemplating divorce, you should make sure that you are not liable for any more debts incurred by your husband while you are married. I suggest you draw up an agreement (doesn't have to be anything fancy) stating what you just said here: your husband is buying the house for his parents, you are not contributing to this purchase financially in any way and you do not expect to benefit from it in any way. In the event of divorce, you agree that this house will not form part of the family property, either as an asset or a liability. Then both of you sign and have your signatures witnessed by a notary. I don't know how much legal weight this would carry if you got divorced, but it at least establishes your intentions at the time the house was purchased.

It really sounds like you need to separate your finances soon.
Reply With Quote
Old 02-08-2017, 02:37 PM
Rioe's Avatar
Rioe Rioe is offline
Senior Member
Join Date: May 2010
Location: Ontario
Posts: 3,283
Rioe will become famous soon enough

You guys are married. By law, you are one financial entity. It doesn't matter whose name is on what, you are both legally responsible for it while married, and it would be divided equally upon divorce.

Consult a lawyer to see if there is some way to get around it? Some kind of post-nup agreement?
Reply With Quote
Old 02-08-2017, 11:34 PM
arabian's Avatar
arabian arabian is offline
Senior Member
Join Date: Jan 2011
Location: Western Canada
Posts: 10,051
arabian will become famous soon enough

yes and you are also responsible if one of you co-signs a loan.
Reply With Quote

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

Similar Threads
Thread Thread Starter Forum Replies Last Post
Unjust enrichment? Worth pursuing? bethers Financial Issues 5 06-09-2012 08:16 PM
Matrimonial House E-Gal Financial Issues 8 05-08-2012 06:21 PM
Equity in house on separation JessC Financial Issues 0 11-18-2011 01:35 AM
Getting possesion of my house Max22258 Common Law Issues 5 07-08-2009 07:46 PM
Looks like I'll lose the house now, too! sasha1 Divorce & Family Law 12 06-28-2009 12:14 AM

All times are GMT -4. The time now is 08:46 PM.