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Two homes prior to marriage....

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  • Two homes prior to marriage....

    Hello Everyone...

    First time Poster....I have a few questions I am just looking at some insight....

    I have been in a relationship for 8 years....I have two children whom I have shared custody (week on week off) with my ex common law....

    My current spouse and I each had just purchased our own home while we were dating....

    I moved into her home about 5 years ago and we were married 4 years ago. We all live in that house.

    My home is a duplex and the intent was always to sell it when the kids go to college and utilize the profit for their education. She has never lived in that home.

    My question is, we are currently separated and unsure of what the status of our relationship will be in the future...

    Does she have any claim to my rental property...and do I have any claim to our home....?

  • #2
    You have an equal claim to the marital home, both in terms of possession and equity.

    Your rental property is your property and she has no direct claim to it. However any gain in your net assets, which includes the rental property, during the course of your marriage is subject to equalization. This amount depends on how much your ex's assets increased during the marriage of course.

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    • #3
      By this you mean....if the house was valued 4 years ago at 220,000 and it is currently valued at 230,000...she would have half a claim for the 10,000, regardless of what is owing on the mortgage?

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      • #4
        Think TOTAL assets dude.

        Your total net assets at date of marriage - your total net assets at separation = your increased net worth.

        HER total net assets at date of marriage - HER total net assets at separation = HER increased net worth.

        Your increased net worth + her increased net work / 2 = equalization amount.

        The person whose net worth is > equalization amount would pay the person who's net worth is < equalization amount the difference.

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        • #5
          The only thing you have over her is the equal right to occupy the matrimonial home. The key term is equalization. As stated above you equalize your debts and assets which accumulated during the marriage.

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