I have searched all through the threads while waiting for my account to be activated, and haven't seen a post exactly like my question so here goes:
I have been in a common law relationship for 8 years. We bought a house together 7.5 years ago. His home at the time was free and clear, so he put in approx $222k into the house we purchased together (title and mortgage is in both our names). Purchase price was $337K. Since that time, we have improved the house financial, but re-financing the mortgage. New kitchen and patio (approx. $66K).
Sadly house was recently appraised at $395k. Question is: If we split, he says he wants his full downpayment back. We owe $169k on a house that is now worth $400k at best. Minus realtor fees, he wont get $222k? Also, does that mean I get nothing from the sale of the home, even though I have contributed 50% of all mortgage payments, utilities, property taxes, as well as sweat equity, and joint purchases for items for the home since day 1? I work full time and we have never co-mingled our finances. We each pay 50% of all household expenses, ALWAYS. He has a commissioned base pay, and he has sometimes voluntarily purchases larger ticket items for the house, i.e. new patio door, replaced some windows etc. after a good commission cheque.
Do I get anything? He may stay in the house. I am not looking for half. Just enough for a smallI downpayment on a townhome or something if I leave. Obviously I havent saved any money for a down payment, since all my money went into the upkeep of our joint home.
Any ideas? thanks to all!
I have been in a common law relationship for 8 years. We bought a house together 7.5 years ago. His home at the time was free and clear, so he put in approx $222k into the house we purchased together (title and mortgage is in both our names). Purchase price was $337K. Since that time, we have improved the house financial, but re-financing the mortgage. New kitchen and patio (approx. $66K).
Sadly house was recently appraised at $395k. Question is: If we split, he says he wants his full downpayment back. We owe $169k on a house that is now worth $400k at best. Minus realtor fees, he wont get $222k? Also, does that mean I get nothing from the sale of the home, even though I have contributed 50% of all mortgage payments, utilities, property taxes, as well as sweat equity, and joint purchases for items for the home since day 1? I work full time and we have never co-mingled our finances. We each pay 50% of all household expenses, ALWAYS. He has a commissioned base pay, and he has sometimes voluntarily purchases larger ticket items for the house, i.e. new patio door, replaced some windows etc. after a good commission cheque.
Do I get anything? He may stay in the house. I am not looking for half. Just enough for a smallI downpayment on a townhome or something if I leave. Obviously I havent saved any money for a down payment, since all my money went into the upkeep of our joint home.
Any ideas? thanks to all!
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