Originally posted by 06nomad
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Let me introduce my self...stressed, depressed, and out of ideas
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[quote=dadtotheend;64134]If you correctly calculated net family property, the $100K loan would already be included in the $300K. Methinks you might have some learning to do on equalization.
No - I don't. $100k loan is PRE marriage. Not tied to the mortgage in any way. So
considered to be a"pre maritial debt" and not deducted from my assets the same way the mortgage would be.
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I realize you are keeping the numbers a bit simplified but I think we are all confused..
You took out a $100k loan for renovations on the house. You then got married. Your current asset is almost nil except for the value of the house.
The question is, what is the current value of the house? It isn't clear from your post.
If the value of the house is $400k, on the surface you would split that amount, he gets $200k and you get $200k but keep the loan debt leaving you with $100k.
That would only be fair if you had spent the loan money on personal items before marriage. The issue is you used the loan for house reno. You should therefore argue that the loan went directly into the home, you should gather all receipts and bank records which would point to that, you should then assert that the loan amount should come off the top. This leaves the home worth $300k and you each walk away with $150k effectively splitting the loan.
Because it was a short marriage and the loan and house purchase were made just before marriage when you were living common law I think you have a very strong argument. Lay it out in a reasonable argument and suggest a settlement out of court because fighting would be a waste.
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