Announcement

Collapse
No announcement yet.

condo / seperation

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • condo / seperation

    we are separated for around 5 years , I moved out of our condo during separation (mortgage and title is on my name) the x stayed in and was paying mortgage, now x is finally getting the mortgage ...
    the x want me to just sign over - saying the place was bought on minimum down and I should not get anything as I didn't pay mortgage for the last 5 years ...
    the mortgage is just over 200k and the current price/value over 300k


    what ($) could/should I expect ?
    how to look at it ?


    thanks

  • #2
    When did you buy it? How much did you pay and how much down? What was the value on the day of separation? Toss in how long were you together?

    Comment


    • #3
      you separated 5 years ago and are just dealing with the condo now? Did you and her have a deal where she could live in it and pay the bills until it was paid down enough so she could get a mortgage on her own?

      Comment


      • #4
        From your first post here...

        We got our place recently (its on my name only so is the mortgage – but I did sign “something” during buying process that I can not sell it without her)
        if we try to sell we will lose money (she does not want to sell)
        if I stay there I will not be able to pay for it (I do not care about losing money on it)
        If I move out she promise to sign separation agreement 50/50 custody for the kids and she gets the mortgage on her name later (she does not know when her credit will let her)
        all I care is the joint custody 50/50 and my name out of the mortgage


        5 years you waited. You didn’t care if you lost money selling it. She has paid the mortgage all along. You separated shortly after buying so are really only out the amount of the down payment.
        You wanted your name off the mortgage and she is finally able to do that. It could have turned out a whole lot worse.
        Did you get your 50/50 with the children?

        Comment


        • #5
          thanks everybody
          yes I got kids 50/50
          we had condo for a 2 or 3 years , we did put 20~30k down (my rrsp a big chunk maybe most of it) - I have to check all details ...
          when I moved out the x promised to get the mortgage in 6months (it says in separation agreement)
          at the beginning it was always "I am working on it (mortgage)" or "I am buying a house soon so wait" etc. , yes I did not push it and I did wait
          (had many other problems - I know it is not a good excuse)
          but every time I did say "if you wait with the mortgage to long I will want a peace of it (increase of market price/value)"
          and yes for last year or 2 I did not bather to talk/ask about it as I always hear the same excuse ...
          please feel free to comment/advise ...

          Comment


          • #6
            Originally posted by abu View Post
            thanks everybody
            yes I got kids 50/50
            we had condo for a 2 or 3 years , we did put 20~30k down (my rrsp a big chunk maybe most of it) - I have to check all details ...
            when I moved out the x promised to get the mortgage in 6months (it says in separation agreement)
            at the beginning it was always "I am working on it (mortgage)" or "I am buying a house soon so wait" etc. , yes I did not push it and I did wait
            (had many other problems - I know it is not a good excuse)
            but every time I did say "if you wait with the mortgage to long I will want a peace of it (increase of market price/value)"
            and yes for last year or 2 I did not bather to talk/ask about it as I always hear the same excuse ...
            please feel free to comment/advise ...
            to me you made a deal that if you got 50/50 you would keep your name on the house till she could remortgage it. If the 6 months was actually written into the agreement you should of dealt with it then instead of waiting years. You accepted it by not doing something and in fact you admit for the last year or two you havent brought it up.

            Is it actually written into the agreement that you would get a piece of any increase in value? Have you paid anything towards the mortgage, property taxes, condo fees or upkeep costs? You can say what ever you want but unless its in writing and she agreed it doesnt really matter.

            I think you should maybe ask for your share of the downpayment back and that might be all. You made a deal about custody and you got what you wanted and so did she.

            Look at it this way, you saved lots of money not having a battle for custody. If she would of taken it to trial all of your share of the increase in value would of gone to your lawyer. You want to fight her now and you may still either lose your case (I am not a lawyer so I am not sure what the rules are in your situation) or win but still have to pay your lawyer any profit you may get.

            If it was me I would just ask for what I could prove was my portion of the downpayment and be happy to get that. I would look at it that if I would of dealt with it within the 6 months I would be probably out money. You did say that when you first separated you would lose money if you sold it then.

            Comment


            • #7
              thanks
              keep them coming

              Comment


              • #8
                $20-30k down is $10-15k if you ask for half. It will cost you more than that to fight for that amount.
                You didn’t say how long you were married before you bought the house. If you hadn’t used your RRSP for the downpayment, half of that RRSP would now belong to her. (Meaning you both made the downpayment).
                You also didn’t answer if you had contributed to the mortgage, taxes, fees in the last 5 years.
                I think you should get the deal done and cut your minimal losses. Be happy you now have your credit back... good credit if she’s kept up with all the payments.

                Comment


                • #9
                  Originally posted by paris View Post
                  $20-30k down is $10-15k if you ask for half. It will cost you more than that to fight for that amount.
                  You didn’t say how long you were married before you bought the house. If you hadn’t used your RRSP for the downpayment, half of that RRSP would now belong to her. (Meaning you both made the downpayment).
                  You also didn’t answer if you had contributed to the mortgage, taxes, fees in the last 5 years.
                  I think you should get the deal done and cut your minimal losses. Be happy you now have your credit back... good credit if she’s kept up with all the payments.


                  around 10 years at the moment of buying , and no I did not pay anything for the condo in those 5 years


                  thanks

                  Comment


                  • #10
                    You may want to do a search on occupational rent in the forum to understand that. You could also do a deep dive in canlii on equalization of assets.

                    Part of me thinks it is unfair your ex gets the advantage of the increases in property values because she sat for so long on it but the other part of me says you were an idiot for moving out and not forcing the issue.

                    Im surprised no one else has weighed in. You may want to speak to a lawyer (or two) to see what your numbers will be. Don’t expect a big equalization based on current value since you left the residence. You may want to look at value on the date of separation and then split that. No sense trying to fight for the current value since the date of separation was five years ago. You have kissed that amount goodbye.

                    Comment


                    • #11
                      Originally posted by rockscan View Post
                      You may want to do a search on occupational rent in the forum to understand that. You could also do a deep dive in canlii on equalization of assets.

                      Part of me thinks it is unfair your ex gets the advantage of the increases in property values because she sat for so long on it but the other part of me says you were an idiot for moving out and not forcing the issue.

                      Im surprised no one else has weighed in. You may want to speak to a lawyer (or two) to see what your numbers will be. Don’t expect a big equalization based on current value since you left the residence. You may want to look at value on the date of separation and then split that. No sense trying to fight for the current value since the date of separation was five years ago. You have kissed that amount goodbye.


                      yep , agree ... but "forcing" the issue would open all cans of worms ...


                      thanks

                      Comment


                      • #12
                        i know you are looking for advice but I find that when people are looking for advice they are more likely have made a decision but just want some conformation that it is the right one.

                        What direction are you leaning towards.

                        by the way forcing the issue may have opened a can of worms but all you have done is delayed the opening till now.

                        Comment


                        • #13
                          [QUOTE=rockscan;227049]You may want to do a search on occupational rent in the forum to understand that. You could also do a deep dive in canlii on equalization of assets.

                          Part of me thinks it is unfair your ex gets the advantage of the increases in property values because she sat for so long on it but the other part of me says you were an idiot for moving out and not forcing the issue.

                          Im surprised no one else has weighed in. You may want to speak to a lawyer (or two) to see what your numbers will be. Don’t expect a big equalization based on current value since you left the residence. You may want to look at value on the date of separation and then split that. No sense trying to fight for the current value since the date of separation was five years ago. You have kissed that amount goodbye.[/QUOTE]

                          the poster did say if the condo was sold back then they would have lost money.

                          Comment


                          • #14
                            Originally posted by standing on the sidelines View Post
                            i know you are looking for advice but I find that when people are looking for advice they are more likely have made a decision but just want some conformation that it is the right one.

                            What direction are you leaning towards.

                            by the way forcing the issue may have opened a can of worms but all you have done is delayed the opening till now.


                            agree , but now the kids are bigger and they had a 5years of "stability" (that it seams I am paying for it) if "something happens" now it will not affect them as much as it would before ...

                            Comment


                            • #15
                              [QUOTE=standing on the sidelines;227052]
                              Originally posted by rockscan View Post
                              You may want to do a search on occupational rent in the forum to understand that. You could also do a deep dive in canlii on equalization of assets.

                              Part of me thinks it is unfair your ex gets the advantage of the increases in property values because she sat for so long on it but the other part of me says you were an idiot for moving out and not forcing the issue.

                              Im surprised no one else has weighed in. You may want to speak to a lawyer (or two) to see what your numbers will be. Don’t expect a big equalization based on current value since you left the residence. You may want to look at value on the date of separation and then split that. No sense trying to fight for the current value since the date of separation was five years ago. You have kissed that amount goodbye.[/QUOTE]

                              the poster did say if the condo was sold back then they would have lost money.


                              yes , if we sold back then in the rush it could be very close to zero or negative (the selling fees would eat any profit made during those couple years)

                              Comment

                              Our Divorce Forums
                              Forums dedicated to helping people all across Canada get through the separation and divorce process, with discussions about legal issues, parenting issues, financial issues and more.
                              Working...
                              X