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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 09-12-2009, 11:47 AM
BRP BRP is offline
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Default Common Law - do I get back my part of house downpayment?

My common law partner and I are splitting up. We bought a home together in Ontario and have lived here for 2 years, so we became common-law last year after 1 year in I suppose. Both our names are on the title deed and mortgage.

We are dividing household items acquired together 50/50 regardless of who paid for it.

However, I need to know about the house. I am wanting to keep the house and buy her portion out. Our "verbal" agreement was always we get back whatever downpayment portion we put in, then split any proceeds/losses from current value of home. The house value has increased approx 80k so I am agreeing to pay her out 40k + her small contribution to the downpayment. I put substantially more downpayment, approx 95% of it. Am I guaranteed to get all of my downpayment back or is it a 50/50 split? It was my personal savings and gift from my parents to make up the 95% of downpayment, and the certified cheque to make the payment came from my personal savings account.

We both earn relatively equal income. Both were employed during our 2 years in the home. No children. We both pay equal into a shared account to pay for bills and mortgage. Though she has missed a handful of payments over the 2 years.
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Old 09-12-2009, 07:50 PM
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Quote:
Originally Posted by BRP View Post
....Our "verbal" agreement was always we get back whatever downpayment portion we put in, then split any proceeds/losses from current value of home. ...
Sounds fair to me. Though technically from a business perspective you should get more of the profits, since you risked more, but if that is what you agreed to then that is what you should do.
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