I am new hear but have been reading this topic to try and get a feel for how this works. Hope some light could be shed here
I bought house in 2009 with my then wife. In 2013 marriage broke down and she lived in the matrimonial home until July 2015 while I paid the mortgage and other bills. As part of a Consent Order I paid her an equalization payment of $12,000 which came from remortgaging the house with my then girlfriend in Oct 2015
She was then put on the title as joint tenants and we both were responsible for the mortgage. This relationship broke down in Aug of 2020 when we seperated from our common-law relationship. We cohabitate for several months with the majority of the time I stayed at friends often.
We had discussed me buying her out of the property in the range of $15-$25k but it never finalized.
On Jan 19th 2021 the home was totally destroyed by fire and was a total loss. We are both policy holders on the insurance and she is wanting to take the ACV payment and wants 50% of that and 50% of the land she insists I sell and 50% of the content settlement even though I had years worth of my things in the home hen she moved in. I do not want to sell but buy her out of the home I owned for 8 yrs before she became part owner but her demands seem unfair and unreasonable and I feel it would be "unjust benefit" to her.
My wife of 23 yrs only received an equalization payment of $12,000.
My ex common law partner shouldn't be entitled to the entire value of the property from the day I owned it. Is it not correct that she should be entitled to her equity share from 2015 to 2020? In other words 50% of the equity built during our time living and owning the home?
She had zero out of pocket expenses at time of refinancing and was not even considered a sale since the mortgage was also due for renewal at that time. Her credit and income did help get approval for refinance but that was it, no down payment etc.
Is she entitled to 50% of what the insurance company is offering after mortgage paid off? They then say we retain the land as they do not cover the land but just the building.
Problem is now she has seen these rebuild costs and cash payouts and has some rather large numbers in her head and alot of that has to do with the exploding costs of building materials and real estate been soled for far more then listing prices.
I just want to do this fairly and take back possession of my property and choose if I want to be paid out by insurance or let them rebuild.
How to fairly calculate an offer to present to her that if she refuses will hold up in court as fair and just.
Do i try to get her to be happy with 50% of the cash payout and have her let me keep the land? I will then be mortgage free but still without a home that with todays prices my share of the buyout would not afford to rebuild but if rebuild then she will be entitled to more then as the appraisal will be alot more with a brand new home.
Court takes forever and I am so conflicted as to what to do. Do I not agree to any of it, let insurance rebuild and in the meantime file an unjust benefit etc with the courts.
I bought house in 2009 with my then wife. In 2013 marriage broke down and she lived in the matrimonial home until July 2015 while I paid the mortgage and other bills. As part of a Consent Order I paid her an equalization payment of $12,000 which came from remortgaging the house with my then girlfriend in Oct 2015
She was then put on the title as joint tenants and we both were responsible for the mortgage. This relationship broke down in Aug of 2020 when we seperated from our common-law relationship. We cohabitate for several months with the majority of the time I stayed at friends often.
We had discussed me buying her out of the property in the range of $15-$25k but it never finalized.
On Jan 19th 2021 the home was totally destroyed by fire and was a total loss. We are both policy holders on the insurance and she is wanting to take the ACV payment and wants 50% of that and 50% of the land she insists I sell and 50% of the content settlement even though I had years worth of my things in the home hen she moved in. I do not want to sell but buy her out of the home I owned for 8 yrs before she became part owner but her demands seem unfair and unreasonable and I feel it would be "unjust benefit" to her.
My wife of 23 yrs only received an equalization payment of $12,000.
My ex common law partner shouldn't be entitled to the entire value of the property from the day I owned it. Is it not correct that she should be entitled to her equity share from 2015 to 2020? In other words 50% of the equity built during our time living and owning the home?
She had zero out of pocket expenses at time of refinancing and was not even considered a sale since the mortgage was also due for renewal at that time. Her credit and income did help get approval for refinance but that was it, no down payment etc.
Is she entitled to 50% of what the insurance company is offering after mortgage paid off? They then say we retain the land as they do not cover the land but just the building.
Problem is now she has seen these rebuild costs and cash payouts and has some rather large numbers in her head and alot of that has to do with the exploding costs of building materials and real estate been soled for far more then listing prices.
I just want to do this fairly and take back possession of my property and choose if I want to be paid out by insurance or let them rebuild.
How to fairly calculate an offer to present to her that if she refuses will hold up in court as fair and just.
Do i try to get her to be happy with 50% of the cash payout and have her let me keep the land? I will then be mortgage free but still without a home that with todays prices my share of the buyout would not afford to rebuild but if rebuild then she will be entitled to more then as the appraisal will be alot more with a brand new home.
Court takes forever and I am so conflicted as to what to do. Do I not agree to any of it, let insurance rebuild and in the meantime file an unjust benefit etc with the courts.
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