Hi, I need some advice. I'm not sure there is a black-and-white answer, but maybe you can share with me how you handled these issues, and I can get some insight that way...
My spouse is in the process of engineering a legal separation. My spouse has moved out, and I am presently living in our house. Our children are swapped back and forth 50/50.
Our house is paid for, it was purchased during our marriage but it was paid for by my own income and investments. It's a modest house. But right now the houses in our district are selling for large amounts, and selling quickly.
My spouse has expressed an intention to get their share of the house. It's my understanding this is permitted under law
Is this correct? Is there any way I can keep this from happening?
If not, what do I do?
I suppose that if I'm compelled to, I could get a mortgage for half the value of the house, and give my spouse a cheque. I know generally how much this is going to be, in terms of the estimate of how much our house is worth.
But I'm unsure if I can afford a mortgage for that much, while paying support too and the regular bills.
I suppose I could get a really long mortgage (30 years?) for a low monthly payment. But then I'll be in debt for a long time, and pay a pile of money on interest. And all those thousands of dollars going to the bank, I'd prefer to spend on my children - like saving up for them in an RESP, or taking them to Florida, or what have you.
I could sell the house. But then what? I could buy a cheaper house. But with the housing market right now, even less-desireable houses (in age, location or what have you) are still not much less than the house I'd be selling. And then I uproot the children, and uproot them from the "good" neighborhood they're in, at least when they're with me.
(I mean, I grew up in a "bad" neighborhood myself. I really don't want my children to have that experience).
Group homes (condo/semi/townhouse) are cheaper. But I really would prefer not living in group homes. I've lived in apartments and I could give you a list of bad experiences I had. When I had these experiences the only thing I really could do, was move.
I'm interested to know how others handled this situation.
Thanks
My spouse is in the process of engineering a legal separation. My spouse has moved out, and I am presently living in our house. Our children are swapped back and forth 50/50.
Our house is paid for, it was purchased during our marriage but it was paid for by my own income and investments. It's a modest house. But right now the houses in our district are selling for large amounts, and selling quickly.
My spouse has expressed an intention to get their share of the house. It's my understanding this is permitted under law
Is this correct? Is there any way I can keep this from happening?
If not, what do I do?
I suppose that if I'm compelled to, I could get a mortgage for half the value of the house, and give my spouse a cheque. I know generally how much this is going to be, in terms of the estimate of how much our house is worth.
But I'm unsure if I can afford a mortgage for that much, while paying support too and the regular bills.
I suppose I could get a really long mortgage (30 years?) for a low monthly payment. But then I'll be in debt for a long time, and pay a pile of money on interest. And all those thousands of dollars going to the bank, I'd prefer to spend on my children - like saving up for them in an RESP, or taking them to Florida, or what have you.
I could sell the house. But then what? I could buy a cheaper house. But with the housing market right now, even less-desireable houses (in age, location or what have you) are still not much less than the house I'd be selling. And then I uproot the children, and uproot them from the "good" neighborhood they're in, at least when they're with me.
(I mean, I grew up in a "bad" neighborhood myself. I really don't want my children to have that experience).
Group homes (condo/semi/townhouse) are cheaper. But I really would prefer not living in group homes. I've lived in apartments and I could give you a list of bad experiences I had. When I had these experiences the only thing I really could do, was move.
I'm interested to know how others handled this situation.
Thanks
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