Hi,
One month ago my CL partner and I purchased a condo together. I paid $24K and she contributed $1K and has her name on the title (so she owns half). Now we have decided to split. I make about 40K more then her salary and offered to buy her out (1/2 the difference of the mortgage and value as of one month ago. She requested an appraisal so I obliged and booked an appraisal for Friday. Unfortunately I used the Home Buyers RRSP initiative for the down payment and could face a tax issue if we sell in a year...so needless to say I don't want to sell because we won't break even and I get hit with a penalty. Will a judge or arbitrator take my contribution and possible tax penalty into consideration if we can't amicably come to an agreement. If anyone has any insights on a similar situation or advice I'd love to hear about it?
Also, I was hoping someone has some insights as to support payments, since I earn more I assume I will have to make payments to here. What is considered in judging the amount of support one should pay? I guess I'm hoping to make her an offer and try to keep legal fees to a minimum.
Thanks for reading my post,
Confused2
One month ago my CL partner and I purchased a condo together. I paid $24K and she contributed $1K and has her name on the title (so she owns half). Now we have decided to split. I make about 40K more then her salary and offered to buy her out (1/2 the difference of the mortgage and value as of one month ago. She requested an appraisal so I obliged and booked an appraisal for Friday. Unfortunately I used the Home Buyers RRSP initiative for the down payment and could face a tax issue if we sell in a year...so needless to say I don't want to sell because we won't break even and I get hit with a penalty. Will a judge or arbitrator take my contribution and possible tax penalty into consideration if we can't amicably come to an agreement. If anyone has any insights on a similar situation or advice I'd love to hear about it?
Also, I was hoping someone has some insights as to support payments, since I earn more I assume I will have to make payments to here. What is considered in judging the amount of support one should pay? I guess I'm hoping to make her an offer and try to keep legal fees to a minimum.
Thanks for reading my post,
Confused2
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