Mat Home in My Name: Can Value be Split with STBX in Financial Statement?

[caranna]

When I asked my previous lawyer about this, she said something to the effect that to have the value of the Mat home equally split as an asset on STBX's financial statement, I'd have to go to court. The comment was a rather vague one and I realize in hindsight that I should have asked for a more detailed explanation.

So the value of the Home is on my financial statement. Any comments appreciated.

[standing on the sidelines]

hmm seems strange to me. I would think that you would each claim half the house and half the mortgage.

[Tayken]

hmm seems strange to me. I would think that you would each claim half the house and half the mortgage.

Agreed. Both parties should be making a claim to the matrimonial home in their financial statement. So, I am as puzzled as you are SotSL.

[arabian]

caranna: Matrimonial home in your name alone but did your husband sign off his dower/dowager rights with independent legal advice? If so then it is your asset and he would only be entitled to 50% of the increase in value of the home from the time it was purchased, through duration of your marriage. I believe if he signed off he would not be entitled to the principal. This is the way it goes in Alberta anyhow.

[OrleansLawyer]

All assets are listed under the name on title, including the matrimonial home. If you are the sole owner on title then list the entirety of your property under your name.

Since it is your property, and subject to an equalization payment, the entirety of the proceeds of sale (if the house is sold) would be yours.

Whether the house is listed, on the separation date, as your asset or a joint asset on the financial statement will not make a material difference in your equalization payment.

[caranna]

Thanks for your comments everyone. Arabian, I googled about dower and learned something new...interesting.

Thanks OrleansLawyer for your always prudent advice. Very much appreciated.

[mememe]

My lawyer put the full value of the house, which is in my name, on my financial. The spouse's financial has 1/2 the value listed. Apparently it gets sorted out in the equalization and some procedure they do to match the accuracy of our financials. Needless to say, on paper it looks like I have more assets than him---so I try to calm myself by remembering the whole house is on my side of the ledger.

[limer]

If you are remaining in the home and plan to keep the house, then I would also expect that any mortgages against it are also just on your side of the ledger. I've found the lawyers "massage" their numbers, and each lawyers NFP will be different. It's how they financially feel each other out. If one were to make a single ledger, disregarding proportionalities, would there be a positive or negative NFP. If you take everything, then you would owe half that difference to him.

If the house is the "Matrimonial Home", and you are married, it's half. If your commonlaw then that's another situation of constructive trust, and unjust enrichment.

[OrleansLawyer]

If the house is the "Matrimonial Home", and you are married, it's half.

This is not correct. The matrimonial home has a special place in family law, with regards to occupation and marriage date claims. In a financial statement, it is either an asset you own, partly own, or do not own on the separation date. Like any other asset.

If one were to make a single ledger, disregarding proportionalities, would there be a positive or negative NFP. If you take everything, then you would owe half that difference to him.

A succinct description of equalization and financial statements.

[ddol1]

I noted here several times of posters stating the inflated financial numbers and the discreptionies in the same and how the lawyers "play the inflation game". In all fairness I have asked my lawyer who has maybe rightfully avoided the answer. I have been under the impression the truth is supposed to be something we are signing to when our 13.1 financial is signed on the last page??

In my case we basically used all my actual numbers and close estimates for those that were not fixed (like my meds) and my ex? Well she has managed to show income of x, expenses of x + $2,000 and on her cash side things like cash, her excluded (before marriage) rrsp/work pension numbers are nearer to 3 times the actual values. Yes I do have copies of the various items above for both of us. My memory had our yearly expenses were typically in the very low 20s, say $22,000 a year but surprize it is now $48,000!

So is the 13.1 financials just a game with no consequence to lies, or would that be purgery after you signed on the dotted line to state these numbers are truthfull? Sort of with the house which we own outright, was estimated by three agents, comparables compared but she despretly wants the house and guess what? She now has it priced by one of the agents who has cut the house value 10% in a rising market over the last year which has seen a 6 - 10% increases..... So at what point are these financial numbers called on to be accurate?

[limer]

Property Settlement and Division of Assets - By Toronto Divorce Lawyers

The matrimonial home is special as New Orleans' says, but I still assert that the increase of value to the matrimonial home when so designated is split regardless of who is on title, unless the property that is a matrimonial home was bought prior to marraige. The increase in value since the date of marraige would be at the 50% claim with a deduction before marraige attributed to the party bringing the property into the marriage. Second properties used for other purposes would not be unless so designated as an additional matrimonial home such as a cottage.

[limer]

It is up to the person claiming the values to prove them. It is simply not enough to write a number down as fact. There must be evidence such as property evaluations, pension statements, mortgage statements, etc. If two people do agree then a judge won't question it. If there are surmountable discrepencies then one might ask for financial disclosure. Approaching trial the lawyers will put together a NFP brief with the evidence of values for property.

[OrleansLawyer]

So at what point are these financial numbers called on to be accurate?

Trial. If you can't resolve things on your own, a trial will require evidence of claimed facts.

[caranna]

I get that situation that you are describing ddol. My to be ex lied very freely about his assets on the financial statement and manipulated it so that his assets would be much lower than mine, even with my title to the house. It's good that I have the house...he wanted it in my name in case his business folded. He has many bank statements in his name only. I have one bank account in my name that is a spousal RRSP where we used to withdraw funds for household and personal expenses. The amount in that account is a lot lower than in his statements.

He also has (or did have) off-shore accounts and claims he withdrew the funds some time ago. Meanwhile he says he never received a pension from his employment in his brothers' business but I see evidence otherwise.

[caranna]

Trial. If you can't resolve things on your own, a trial will require evidence of claimed facts.

Last month he had me served with papers, but it was obviously scare tactics. There might have to be a trial.