Hi, I'm so thankful to have found this site and am hopeful that someone will be able to help me with some answers.
Me and my common-law spouse have a cohabitation agreement that was done through lawyers approximately 5 years ago because we were moving into a home that my spouse purchased. At the time my financial situation was such that I could not contribute to the down-payment of the home. We both listed assets and liabilities of which I really did not have either. He had some assets in the form of vehicle/investments and he also had debt in the form of 24,000 all of which were listed on the agreement.
We have both contributed equally to the monthly mortgage/taxes and monthly expenses to the home, we have separate bank accounts. My question is this, (and I'm trying to be as brief as possible yet still give enough info) since we moved into the home, my spouse has accumulated additional debt in the amount of 30,000 dollars or so which he has put onto a line of credit that is solely in his name. He also currently wishes to purchase a vehicle that he wishes to also place on this line of credit. (I have my own vehicle in my name that I make monthly payments on). He then wants to place ALL of this debt (including the 24,000) onto the mortgage when the mortgage is renewed.
If we were to separate, are we both responsible for this debt? In our agreement it allows for approximately a 30,000 payout to my spouse for an increase in value of the home because he put the down payment down. I agreed to it at the time, but now am thinking that if he does everything that he wants to do and I am on the hook for this debt, then the cohab agreement should be either abolished or modified.
Can someone please answer these questions for me.?
Me and my common-law spouse have a cohabitation agreement that was done through lawyers approximately 5 years ago because we were moving into a home that my spouse purchased. At the time my financial situation was such that I could not contribute to the down-payment of the home. We both listed assets and liabilities of which I really did not have either. He had some assets in the form of vehicle/investments and he also had debt in the form of 24,000 all of which were listed on the agreement.
We have both contributed equally to the monthly mortgage/taxes and monthly expenses to the home, we have separate bank accounts. My question is this, (and I'm trying to be as brief as possible yet still give enough info) since we moved into the home, my spouse has accumulated additional debt in the amount of 30,000 dollars or so which he has put onto a line of credit that is solely in his name. He also currently wishes to purchase a vehicle that he wishes to also place on this line of credit. (I have my own vehicle in my name that I make monthly payments on). He then wants to place ALL of this debt (including the 24,000) onto the mortgage when the mortgage is renewed.
If we were to separate, are we both responsible for this debt? In our agreement it allows for approximately a 30,000 payout to my spouse for an increase in value of the home because he put the down payment down. I agreed to it at the time, but now am thinking that if he does everything that he wants to do and I am on the hook for this debt, then the cohab agreement should be either abolished or modified.
Can someone please answer these questions for me.?
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