Need help understanding if there is any option in regards to matrimonial property:
History -
In the fall of 2007 my childrens mother asked me to build a new home because she was worried that the old farm house we lived in was not condusive to raising our 2 children and new one on the way.
In January of 2008 my parents transferred a 10 acre parcel of land from the family farm into my and my spouses name to build a home.
In March of 2008 I finalized the mortgage In both of our names, and withdrew 20k from my RRSP's as a downpayment.
In April of 2008 we signed the construction contract with a RTM (Ready to Move ) housing contractor to buy an existing house that was being completed.
On June 12th of 2008 my childrens mother left and moved out.
On June 14th, the RTM arrived and was installed onsite.
My family and I worked on the home for the next 7 months before we were able to move in (plumbing, basement, windows, etc..)
The Children and I moved in early in 2009 and have been slowly working on the house as time and money allows since that time.
The Childrens mother agreed in December of 2009 that she would not be seeking half of the house as she had never contributed any time of money towards it. (We had only been married 4 years at the point of seperation)
We have had Equal Shared Parenting Joint Custody since 2008. Wherein I have had to pay her 1500 / month CS and 1000/ month SS since June of 08.
Last week I recieved a letter from her new lawyer, she changed lawyers early this year, stating that his client was seeking to have her interest in the "matrimonial home" paid out in cash by December 31st of this year.
Now I have some questions:
Is a house that was not even in place before she left still the matrimonial home?
The new lawyer says that the spousal support payments do not constitute part of the asset division, and that the division of assets is completely seperate.. Is this normal? I have paid 30000 in SS thinking it was about asset division.
The new laywer says that the childrens mother gets half of the residual value (equity) and that mortgage payments and utilities and debts incurred after seperation do not count against that value.. Is this correct? I have paid 41,000 in mortgage payments in the last 30 months...I have spent approximately 30k out of Lines of Credit to make the house liveable.
Please Help.
History -
In the fall of 2007 my childrens mother asked me to build a new home because she was worried that the old farm house we lived in was not condusive to raising our 2 children and new one on the way.
In January of 2008 my parents transferred a 10 acre parcel of land from the family farm into my and my spouses name to build a home.
In March of 2008 I finalized the mortgage In both of our names, and withdrew 20k from my RRSP's as a downpayment.
In April of 2008 we signed the construction contract with a RTM (Ready to Move ) housing contractor to buy an existing house that was being completed.
On June 12th of 2008 my childrens mother left and moved out.
On June 14th, the RTM arrived and was installed onsite.
My family and I worked on the home for the next 7 months before we were able to move in (plumbing, basement, windows, etc..)
The Children and I moved in early in 2009 and have been slowly working on the house as time and money allows since that time.
The Childrens mother agreed in December of 2009 that she would not be seeking half of the house as she had never contributed any time of money towards it. (We had only been married 4 years at the point of seperation)
We have had Equal Shared Parenting Joint Custody since 2008. Wherein I have had to pay her 1500 / month CS and 1000/ month SS since June of 08.
Last week I recieved a letter from her new lawyer, she changed lawyers early this year, stating that his client was seeking to have her interest in the "matrimonial home" paid out in cash by December 31st of this year.
Now I have some questions:
Is a house that was not even in place before she left still the matrimonial home?
The new lawyer says that the spousal support payments do not constitute part of the asset division, and that the division of assets is completely seperate.. Is this normal? I have paid 30000 in SS thinking it was about asset division.
The new laywer says that the childrens mother gets half of the residual value (equity) and that mortgage payments and utilities and debts incurred after seperation do not count against that value.. Is this correct? I have paid 41,000 in mortgage payments in the last 30 months...I have spent approximately 30k out of Lines of Credit to make the house liveable.
Please Help.
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