I have been with my partner for almost 9 years now. When I purchased my first house I was given a portion of my inheritance for the downpayment. The title was in my name alone. We both lived there for 4 yrs until I sold the property to move closer to the city. I took all of the money (profit and inheritance;it's value increased because of the investment)I made on that house and rolled it into this one, which we took title of as Tenants on Common. She has always maintained that she would never touch my inheritance and acknowledged at signing that she did not have equal title on the house as it was purchased with my previouse residence.
In this time she has a gambling and alchohol addiction that was under treatment for the last few years but has spiralled out of control at present.
The financial arrangement in both houses was that we accumulate the monthly bills and split it 50/50. That was fine when she hadn't gambled the money away and I had to paid the bills all myself to keep the house etc.
It is a much larger issue now because the house we are in costs 2.5 as much to run as the old house. I have been supporting the houshold solely since November 2005. Since then she has taken from the household line of credit to feed the gambling and the drinking is unbearable.
I will not be unfair to her in the dissolution of the house or its contents; my aim is to keep the house and pay her out her portion. She put a lot of 'sweat equity' into the house, while I paid for ALL of the renovations and supplies. I know 'sweat equity' is not 'reumbursable' but I consider it to be, and that is only fair in my eyes.
After that long explanation my questions are these:
- How does my inheritance factor into the disollution of assets considering it was all of MY house initially that has made our current morgage as little as it is. In hindsight I should have kept the mortgage as high as possible so as not to give her 'that' much money!
- once the division of assets is complete, what kind of liability will I be subject to, given that the gambling money came from a joint line of credit? I am willing to be responsible for the entire debt if I can subtract her value from the payout, but I don't want the LOC debt to be split equally because I will not be responsible for the gambling money.
-will she be held accountable for the fact that she hasn't contributed to the household for the last 8 mos straight, and sporadically prior to that?
What I would think would be reasonable is to:
take the closing value from my previouse house, figure out what percentage of this house it represents, subtract the current mortgage and my (again increased as an investment) inheritance, divide that total by two and start subtracting all her debts from her half. I would pay her the balance (if any), get her some furniture and wave bye bye..
Am I out of my tree?
Thanks a lot!
Worried in Brampton
In this time she has a gambling and alchohol addiction that was under treatment for the last few years but has spiralled out of control at present.
The financial arrangement in both houses was that we accumulate the monthly bills and split it 50/50. That was fine when she hadn't gambled the money away and I had to paid the bills all myself to keep the house etc.
It is a much larger issue now because the house we are in costs 2.5 as much to run as the old house. I have been supporting the houshold solely since November 2005. Since then she has taken from the household line of credit to feed the gambling and the drinking is unbearable.
I will not be unfair to her in the dissolution of the house or its contents; my aim is to keep the house and pay her out her portion. She put a lot of 'sweat equity' into the house, while I paid for ALL of the renovations and supplies. I know 'sweat equity' is not 'reumbursable' but I consider it to be, and that is only fair in my eyes.
After that long explanation my questions are these:
- How does my inheritance factor into the disollution of assets considering it was all of MY house initially that has made our current morgage as little as it is. In hindsight I should have kept the mortgage as high as possible so as not to give her 'that' much money!
- once the division of assets is complete, what kind of liability will I be subject to, given that the gambling money came from a joint line of credit? I am willing to be responsible for the entire debt if I can subtract her value from the payout, but I don't want the LOC debt to be split equally because I will not be responsible for the gambling money.
-will she be held accountable for the fact that she hasn't contributed to the household for the last 8 mos straight, and sporadically prior to that?
What I would think would be reasonable is to:
take the closing value from my previouse house, figure out what percentage of this house it represents, subtract the current mortgage and my (again increased as an investment) inheritance, divide that total by two and start subtracting all her debts from her half. I would pay her the balance (if any), get her some furniture and wave bye bye..
Am I out of my tree?
Thanks a lot!
Worried in Brampton
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