Hey All,
I have been trying to find my exact situation for sometime, but can't. Or maybe it is just me in denial... Anyhow, hopefully someone has some insight.... here goes...
My spouse and i have been together for 18 years as a common law couple and have decided to separate. We both work and we have 2 kids. I make about 60% of the family income.
About 11 years ago, my father passed away and left me with some money. Since then, I have used the money to pay off hers and my debts (several thousand) and to buy the house we are currently in and improve it. We bought it about 9 years ago and is in both our names.
This is where i don't have a clear view in my head on if i can retrieve any of that inheritance money out of the house. She put no money in the down payment and I put 45,000.00 of inheritance money down. In the first few years, I spent an additional 25,000 of inheritance money on home improvements.
As much as it pains me, I can understand why i cannot get the 25000 back in home improvements, and paid off debts 10 years ago. Its just too hard to track. But is it possible to be able to keep my down payment of 45000 in asset value of the house?
Ideally, I want my kids to stay in the family house as its less stressful on them. My spouse wants to move further away anyhow.
Yes, I was so naive to allow my inheritance to be so attached to my spouse.... but does anyone see a light for me or do i really have to give her half my inheritance money in the house?
Thank you in advance! I honestly never thought I would be asking these questions.
I have been trying to find my exact situation for sometime, but can't. Or maybe it is just me in denial... Anyhow, hopefully someone has some insight.... here goes...
My spouse and i have been together for 18 years as a common law couple and have decided to separate. We both work and we have 2 kids. I make about 60% of the family income.
About 11 years ago, my father passed away and left me with some money. Since then, I have used the money to pay off hers and my debts (several thousand) and to buy the house we are currently in and improve it. We bought it about 9 years ago and is in both our names.
This is where i don't have a clear view in my head on if i can retrieve any of that inheritance money out of the house. She put no money in the down payment and I put 45,000.00 of inheritance money down. In the first few years, I spent an additional 25,000 of inheritance money on home improvements.
As much as it pains me, I can understand why i cannot get the 25000 back in home improvements, and paid off debts 10 years ago. Its just too hard to track. But is it possible to be able to keep my down payment of 45000 in asset value of the house?
Ideally, I want my kids to stay in the family house as its less stressful on them. My spouse wants to move further away anyhow.
Yes, I was so naive to allow my inheritance to be so attached to my spouse.... but does anyone see a light for me or do i really have to give her half my inheritance money in the house?
Thank you in advance! I honestly never thought I would be asking these questions.
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