2nd Property Split issues

[Jw63]

So I am entering into separation talks with my spouse .
We have a marital home with equity . I understand that if I want to keep it we agree on a house price less the debts . What ever the balance she gets 50%
Here is the issue . I bought a house with my Daughter and son In-law 3 years ago .
I am a co- owner and I am on the mortgage and the Deed . She was fully aware of this debt . But still wants me to pay her have of what is owning on this house .

[arabian]

whatever either you or your spouse purchased while married would be considered a matrimonial asset... so the two of you bought a house with daughter and son-in-law (even if her name isn't on the deed). The only exception may be if money you used to purchase the other house was from an inheritance which you never merged with your matrimonial bank accounts (has to have never flowed in or out). Same goes for debt so she may want to sign off. Depending upon province you live in there can be matrimonial property law which can also come into play.

Probably a good idea would be for you to get some legal advice.

[Jw63]

Originally Posted by arabian

whatever either you or your spouse purchased while married would be considered a matrimonial asset... so the two of you bought a house with daughter and son-in-law (even if her name isn't on the deed). The only exception may be if money you used to purchase the other house was from an inheritance which you never merged with your matrimonial bank accounts (has to have never flowed in or out). Same goes for debt so she may want to sign off. Depending upon province you live in there can be matrimonial property law which can also come into play.

Probably a good idea would be for you to get some legal advice.

So I may have worded it wrong .
I bought this house with the children . There is a 265000 owing on this house .
I Am a 1% owner of the house but if things go wrong I am 100% owner of the dept.
She doesn't think that the 265000 is marital debt . I have tried to tell her that it is .

[Jw63]

So I may have worded it wrong .
I bought this house with the children . There is a 265000 owing on this house .
I Am a 1% owner of the house but if things go wrong I am 100% owner of the dept.
She doesn't think that the 265000 is marital debt . I have tried to tell her that it is .

[standing on the sidelines]

Originally Posted by Jw63

So I may have worded it wrong .
I bought this house with the children . There is a 265000 owing on this house .
I Am a 1% owner of the house but if things go wrong I am 100% owner of the dept.
She doesn't think that the 265000 is marital debt . I have tried to tell her that it is .

how are you 100% owner of the debt if you only own 1%? Is your daughter and son in law not also on the mortgage etc?

[Jw63]

Quite simple I am a co-owner of the property and own 1% of it . if My kids Don't pay I have to pay 100% . So it was a purchase during the marriage .

[rockscan]

If your name is on the title then you are owner of the house on paper. If your name and your daughters name are on the title then you are joint owners of the property.

It doesn’t matter what the agreement between you and your kid is, you are on title therefore you own the property.

Your ex is correct that she is entitled to half the value of the property you are listed as owner on. If the daughter is also her daughter then perhaps she can implore her mother to quit being a jerk but at the end of the day, you have title = you own the property.

[HammerDad]

It sounds like the OP and his daughter and son in-law have a Tenancy in Common arrangement, where the D and SIL own 99% of the property. The D and SIL should also be responsible for 99% of the mortgage payments, while OP would be responsible for his 1%. However, should D and SIL default on the mortgage payments then OP would responsible for maintaining it or they lose the house. Should the OP takeover 100% of the mortgage, then they would also have sole claim to the property.

The relevant questions here are:

1. were matrimonial funds used as a down payment on the house? If yes, than the ex would be entitled to 50% of any matrimonial funds used.

2. has the value of the house increased? If yes, than the ex would be entitled to 50% of 1% (0.5%) of the increase if this situation is accurate.

3. do you have an agreement with your D and SIL outlining the tenancy in common relationship? You should, as that would outline survivorship and any buyout provisions. This would also be used as evidence to show that you are only entitled to 1% of the value of the property.