figuring out net family property

[tugofwar]

Ok, so I am having issues with our net family property statement and my ex's financial statement.
Is there anyone else that could help besides my lawyer to help me figure this out? There are many complications regarding the mat home and the fact that ex is self employed the numbers are incorrect.
Everytime I try to redo it, the numbers change but are still close to what my lawyer has come up with as of recent.
What are my options? Heading to TMC soon and want to get this sorted out asap.

[tugofwar]

Secondly, if a home is a matrimonial home at the date of separation and was the same home lived in at the date of marriage (perhaps it was owned by one of the parties and the other moved in before or at marriage or it was purchased to be the new family's first home by one of the parties) then the owner cannot deduct its marriage date value when calculating his or her Net Family Property. It's valuation date value is included as a valuation date asset but without any corresponding deduction. This situation doesn't come up often, but when it does it can have a huge impact.

Can someone explain this?

[dinkyface]

So Bob owns a house, or buys one shortly before he marries Sue, and Sue moves in. He paid fair market value of 300k. 10 years later, when they split, the house is worth $500k. It just means that the full $500 (and not $500-$300) is included in the Net Family Property.

[tugofwar]

If the ex was sole owner on mortgage title of the home before marriage, do they add solely to the debts/and net value of property on date of marriage?
Im getting abit confused looking at both our statements.

[dadtotheend]

For a matrimonial home, the value of the asset (house) and the liability (mortgage) are deemed to be nil at marriage date. So he should not be including those items on his financial statement at marriage date at all.

Because you were put on title during the marriage then at separation date each of you should be including your 50% interest in the house and your 50% interest in the mortgage on your financial statements as assets and liabilities respectively. So if the house is worth $300K and you owe $200 on the mortgage each of you will show $150K under assets and $100K under liabilities.

In your case what is going to drive the final payment is the buyout by him of your 50% interest in the home. Your contentious issues will be whether to use the separation date value or today's value for the house.

Take a look at post #3 in this thread http://www.ottawadivorce.com/forum/f...-payment-3788/ for more detail.

[tugofwar]

He postponed getting an appraisal done until almost a year later. 2nd appraisal was done once we found the flaws this year.
The actual value of the home at separation date is unknown. Im not sure how much different it would be between the two dates.

[billiechic]

You should be asking the person who did the valuation to also provide you the value at the date of separation. It's not that complicated, and it's the fairest date to go with.