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

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Old 02-09-2017, 03:11 PM
tg2017 tg2017 is offline
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Default Question on splitting real estate that was brought into marriage

Hi, looking for advice on how my condo would be divided upon divorce.
- Bought the condo in 2005 while single
- My partner moved in in 2006 (and became common law 12 month later)
- We married in 2010, while living in the condo
- Bought a house in 2013 and moved to it; kept the condo as an investment

So, on one hand, the condo is an asset I brought into the marriage, which doesn't have to be split.
But at some point it was a matrimonial home.
But it is not a matrimonial home anymore (the house is).

Any thoughts?
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Old 02-09-2017, 11:52 PM
Stillbreathing Stillbreathing is offline
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You should ask a real estate agent to pull up comparable listings that sold at the time you lived there together (at the one oyear mark) and the date of marriage. Then find out how much it was worth at the date of separation. Half of the increased value accumulated during your marriage would belong to your spouse.

For example if you paid 200,000 for it before marriage but it was worth 250,000 at the date of cl or marriage and worth 350,000 at the date of separation (100,000 increase), you owe your spouse 50,000.

Other things to keep in mind;
1. If the martial home is only in one spouse's name then the other spouse can not force its sale ( they can get an equalization payment but a judge can not order you to sell it if it's only in your name).

2. If you owned a home prior to marriage and lived in it until separation then you are SOL because the entire value of the house is split evenly between you.

3. If you bought the home prior to marriage, it became the matrimonial home , then you sold it and bought another house together ..., then the you keep the value of your first home until date of marriage and only split the accumulated increase in value until its sale.

Last edited by Stillbreathing; 02-10-2017 at 12:02 AM. Reason: More info
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Old 02-10-2017, 05:29 AM
North of 40 North of 40 is offline
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Bad news. Had the identical thing happen to me.

Your going to have to pay half the real estate increase since the time of marriage to the sep. date. Minus supposed real estate costs.

Is it complete BS? Yep. But it's family law. Next time around, any sane person, guy or girl would be far more cautious.

Like the people at the bank said..."you'll survive one of these, you won't survive two".

When your young, you don't think of these things.
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Old 02-10-2017, 12:38 PM
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blinkandimgone blinkandimgone is offline
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blinkandimgone is a jewel in the roughblinkandimgone is a jewel in the roughblinkandimgone is a jewel in the rough

Common law is based on 3 years of cohabitting, i believe, not one.

CRA uses one year. Family law is different.
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