Buying a House...will this affect the divorce?

[Berner_Faith]

My bf and I are now in the situation where we are looking to buy a house together...we have rented for far too long and I am tired of paying rent when we could pay less in a mortgage... the area we live in contains the Bruce Nuclear Plant (if anyone is familiar with this area) and rental and house prices are insanely high... we have found a few houses in our price range that we are very interested in...now the question stands...because the divorce is not complete, will buying a house mean she can go after him for more money? Or because its after separation and they have been going through the process of the separation is he safe?

[dinkyface]

No, that is not a concern. However, you do have some other problems....

Your purchase may fail because the funds being used as downpayment are not free and clear i.e. they are still subject to equalization.

It may also fail if the bank determines that there is a risk that you cannot afford the mortgage due to some yet-to-be-determined spousal or child support obligations.

[Wishfull]

Watch out for that sting.

In Alberta, any thing you buy or sell will be used against you no matter what. They will take the appraisal value of the home and will want half. The ex is still your partner and they will go after it no matter what. Be careful. Separation does not mean a thing.
Keith

[dinkyface]

In Alberta, any thing you buy or sell will be used against you no matter what. They will take the appraisal value of the home and will want half. The ex is still your partner and they will go after it no matter what. Be careful. Separation does not mean a thing.
Keith

Sounds like nonsense to me...

If you buy a house, you only own the downpayment portion of it (e.g. 10-20%), so it makes no sense that they can then claim half of the entire appraised value.

The problem is... they may claim half of the funds you just committed for downpayment (and now how are you going to cough it up?) - that's what I meant by the funds not being 'free and clear'.

[formyGirls]

Honestly I would try to wait. Besides what she can legally do, consider that him getting a new house with the new gf... might get the ex a little miffed and start a battle much bigger than you would have had otherwise.

Maybe I'm just assuming his ex is as bad as mine and I am being pessimistic. But why tempt fait?

If you are determined to do it anyhow, just make sure he has a realistic idea of if he will owe an equalization payment once things are finalized. You'd hate to go get a house then have to re-mortgage to get some money, to get the ex out of your hair later on.

Maybe someone else out there has the precise answer you are looking for... but you should still chat with a lawyer over it before you slap down a downpayment.

Good luck!

[mcdreamy]

Can you qualify on your own? Are you a first time home buyer?
If you don't qualify on your own, and need his income shown, you could always tell the bank to keep him off title and use him as a guarantor only.

You are on a divorce forum, , before even thinking of buying a house with your bf, you need to think about terms of a cohab agreement.

[Wishfull]

Buying House

I did borrowed money from my company in 2006 and some of it went to my GF has loan to help purchase a home for her. I was separated in 2004. I notified the lawyers at the time and Ex knowing they would find out by checking my credit rating etc. The loan was paid back to the company in end of 2007 when she was able to borrow money against the home. This was all sign with proper documents. Ex refused to sign the divorce until late 2010. After I gave here the matrimony home her lawyer put a lien on my GF place. I never lived there, in fact I live 200 km away. They want appraisal and they want portion of the home based on that fact that I had interest in GF home. Watch out!
Good Luck!