Originally posted by blinkandimgone
View Post
Announcement
Collapse
No announcement yet.
Steps to pay spousal support?
Collapse
This topic is closed.
X
X
-
You are entitled to equalization as a more knowledgeable member said. Accepting monthly payments as ss would mean you pay tax on what he pays and he gets tax deduction. Normally the home is either bought out and the other paid out or sold and profit split. The monthly payment you refer to is not a very reasonable way to go, too much risk for you. Best to disregard all the repsonses regarding spousal has nothing to do with your situation, just people getting out of hand, doesn't apply here.
Comment
-
Originally posted by today View PostYou are entitled to equalization as a more knowledgeable member said. Accepting monthly payments as ss would mean you pay tax on what he pays and he gets tax deduction. Normally the home is either bought out and the other paid out or sold and profit split. The monthly payment you refer to is not a very reasonable way to go, too much risk for you. Best to disregard all the repsonses regarding spousal has nothing to do with your situation, just people getting out of hand, doesn't apply here.
Thanks for knowledgeable helpful responses Exquizique blinkandimgone today
Comment
-
Originally posted by today View PostBTW since the topic is really equalization and not ss, I'm sure you may already know but equalization includes all debts as well as assets to come to a final number of what you each come out with.
So honestly, thanks again Exquizique blinkandimgone today you've been helpful
Comment
-
Be careful following advice without verifying it. As it is the matrimonial home you can't just arbitrarily decide to sell it if he doesn't agree. If he wonn't agree and can't buy you out then you can file a motion to push for the sale of the house but I don't believe you can just sell it. I could be wrong but that is my understanding.
Comment
-
Get the house appraised, cost you a few hundred dollars for a professional to do so.
Appraised value - amount owning on mortgage / 2
That would be the value you'd use for equalization purposes. (NOTE that is ONE part of it...equalization takes YOUR net worth AND his net worth and expresses them as a percentage of the whole. The goal is to have both parties walk away with equal value. So if HE has more assets than you, he'd owe you an amount = to the difference. Whether that's in cash, or with you getting a higher value asset than him or whatever. (ie. he has a pension and you don't, his pension is an asset. His RRSP's have a higher value than yours do, those are an asset as well)
The house is a BIG part of most equalization equations, but it's not the only thing. Don't forget that.
Comment
-
Originally posted by NBDad View PostGet the house appraised, cost you a few hundred dollars for a professional to do so.
Appraised value - amount owning on mortgage / 2
That would be the value you'd use for equalization purposes. (NOTE that is ONE part of it...equalization takes YOUR net worth AND his net worth and expresses them as a percentage of the whole. The goal is to have both parties walk away with equal value. So if HE has more assets than you, he'd owe you an amount = to the difference. Whether that's in cash, or with you getting a higher value asset than him or whatever. (ie. he has a pension and you don't, his pension is an asset. His RRSP's have a higher value than yours do, those are an asset as well)
The house is a BIG part of most equalization equations, but it's not the only thing. Don't forget that.
Comment
-
Originally posted by blinkandimgone View PostBe careful following advice without verifying it. As it is the matrimonial home you can't just arbitrarily decide to sell it if he doesn't agree. If he wonn't agree and can't buy you out then you can file a motion to push for the sale of the house but I don't believe you can just sell it. I could be wrong but that is my understanding.
Comment
-
Doesn"t really matter if he sells or not, "equalization" of assetts and debts will have to take place at some point, sooner rather than later, he could always refinance taking a larger mortgage to pay you out, thus keeping the house, keep in mind the other advice about all else included in the process of equalization, the house is only one of many things that will likely need to be taken into consideration.
Comment
-
Originally posted by today View PostDoesn"t really matter if he sells or not, "equalization" of assetts and debts will have to take place at some point, sooner rather than later, he could always refinance taking a larger mortgage to pay you out, thus keeping the house, keep in mind the other advice about all else included in the process of equalization, the house is only one of many things that will likely need to be taken into consideration.
Comment
Comment