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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 11-03-2011, 07:38 PM
NoRegret NoRegret is offline
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Default Steps to pay spousal support?

I am separating from husband of 11 years. I have just moved out into a new location and before the move, we had a talk about property division and spousal support.
He is not sure about selling the house, because the mortgage right now is low and is on a fixed rate for another 3 yrs. So he may choose buy my share and pay monthly spousal support.
Someone told us, it's easier to sell the house and pay lump sum, rather than pay spousal support that has to go through tribunal 8 months.
We have no kids and the only asset to divide is the house. Is this true about going through tribunal? I thought all we have to do is get a lawyer to legalize the separation agreement and then we can either sell the house or he buys my share?
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Old 11-03-2011, 07:57 PM
WorkingDAD WorkingDAD is offline
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Quote:
Originally Posted by NoRegret View Post
I am separating from husband of 11 years. I have just moved out into a new location and before the move, we had a talk about property division and spousal support.
He is not sure about selling the house, because the mortgage right now is low and is on a fixed rate for another 3 yrs. So he may choose buy my share and pay monthly spousal support.
Someone told us, it's easier to sell the house and pay lump sum, rather than pay spousal support that has to go through tribunal 8 months.
We have no kids and the only asset to divide is the house. Is this true about going through tribunal? I thought all we have to do is get a lawyer to legalize the separation agreement and then we can either sell the house or he buys my share?
Step 1: Get a job...


It's not best day to ask about SS...
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Old 11-03-2011, 07:59 PM
Berner_Faith Berner_Faith is offline
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You may get some flack on this one...
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Old 11-03-2011, 08:00 PM
Berner_Faith Berner_Faith is offline
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Originally Posted by WorkingDAD View Post
Step 1: Get a job...


It's not best day to ask about SS...
Lol this is what I mean... I agree...not just about the day, but I think this week in general is a bad week to ask about SS, look at some of the other threads here, I just finished reading some of the most recent ones on SS...
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Old 11-03-2011, 08:03 PM
NoRegret NoRegret is offline
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well I am entitled to half of the house for sure LOL
best day or not and whether he chooses to sell the house or buy my share
we just don't know what to do after getting the lawyer to legalize the agreement
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Old 11-03-2011, 08:05 PM
NoRegret NoRegret is offline
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Originally Posted by Berner_Faith View Post
Lol this is what I mean... I agree...not just about the day, but I think this week in general is a bad week to ask about SS, look at some of the other threads here, I just finished reading some of the most recent ones on SS...
I read those too but we are not one of those couples bickering at each other about who is entitled to what. I already have a job LOL that's why I just want my share of property and none of us knows how to get that done
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Old 11-03-2011, 08:08 PM
Exquizique Exquizique is offline
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Which province are you in? I am unfamiliar with this "tribunal" you mentioned.

If you have the details and particulars of how the buyout is supposed to proceed, then once the agreement has been signed and witnessed, and filed with the court if you're applying for a divorce at the same time, then both of you can just retain a real estate lawyer to carry out the terms of the buyout as stated in the separation agreement (eg. he transfers the sum of money to you, your name gets removed from the title etc.). If you are both in agreement about this it's not a big deal.

My ex bought me out of my share of the matrimonial home. We detailed the amount owed in our separation agreement, had it signed and witnessed, then went to see a real estate lawyer to complete the transaction. Done.

I'm confused about the spousal support part.
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Old 11-03-2011, 08:18 PM
NoRegret NoRegret is offline
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Originally Posted by Exquizique View Post
Which province are you in? I am unfamiliar with this "tribunal" you mentioned.

If you have the details and particulars of how the buyout is supposed to proceed, then once the agreement has been signed and witnessed, and filed with the court if you're applying for a divorce at the same time, then both of you can just retain a real estate lawyer to carry out the terms of the buyout as stated in the separation agreement (eg. he transfers the sum of money to you, your name gets removed from the title etc.). If you are both in agreement about this it's not a big deal.

My ex bought me out of my share of the matrimonial home. We detailed the amount owed in our separation agreement, had it signed and witnessed, then went to see a real estate lawyer to complete the transaction. Done.

I'm confused about the spousal support part.
I think he heard this from someone else, while I heard about the tribunal from someone else. We are in Ontario. Basically he is saying that if he sells the house, he will pay lumpsum 50% of the money (We bought the house together) But if he buys my share, he will pay me monthly because he doesn't have cash to pay it upfront and his credit line is maxed. he calls this spousal support, probably being sarcastic as he is.
But thanks for your reply. I talked to a lawyer about separating and she advised me what I am entitled to but I didn't know that lawyer would handle the property division after agreement is signed. I thought we have to do that ourselves. Thanks that's the answer I need
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Old 11-03-2011, 08:24 PM
Exquizique Exquizique is offline
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Quote:
Originally Posted by NoRegret View Post
I think he heard this from someone else, while I heard about the tribunal from someone else. We are in Ontario. Basically he is saying that if he sells the house, he will pay lumpsum 50% of the money (We bought the house together) But if he buys my share, he will pay me monthly because he doesn't have cash to pay it upfront and his credit line is maxed. he calls this spousal support, probably being sarcastic as he is.
But thanks for your reply. I talked to a lawyer about separating and she advised me what I am entitled to but I didn't know that lawyer would handle the property division after agreement is signed. I thought we have to do that ourselves. Thanks that's the answer I need
Ahhhh ... i understand now

I'm in Ontario too, didn't have to go through any sort of "tribunal".

Again, if both of you are amicably discussing and agreeing on matters, you can practically agree to any arrangement you want within the confines of the law. If the house is getting sold, you're going to need a real estate lawyer for the transaction anyway, so i'm pretty sure the same lawyer can wrap up the "lump sum" buyout payment to you and ownership transfer to him at the same time. If he's going to pay you an amount in monthly instalments, make sure you both discuss, agree on, and detail in writing in your agreement the terms of these payments, eg. instalment amount, duration, method of payment etc. ... no detail too small to be spelled out!! If he buys you out in monthly instalments though, not sure how a real estate lawyer would effect the title change. You may just have to state a term in your agreement that upon receipt of the final instalment payment, the title will be changed to be under his name only. Speak to a real estate lawyer, i'm sure they will have handled similar transactions before and can advise you accordingly.
  #10  
Old 11-03-2011, 08:31 PM
NoRegret NoRegret is offline
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Quote:
Originally Posted by Exquizique View Post
Ahhhh ... i understand now

I'm in Ontario too, didn't have to go through any sort of "tribunal".

Again, if both of you are amicably discussing and agreeing on matters, you can practically agree to any arrangement you want within the confines of the law. If the house is getting sold, you're going to need a real estate lawyer for the transaction anyway, so i'm pretty sure the same lawyer can wrap up the "lump sum" buyout payment to you and ownership transfer to him at the same time. If he's going to pay you an amount in monthly instalments, make sure you both discuss, agree on, and detail in writing in your agreement the terms of these payments, eg. instalment amount, duration, method of payment etc. ... no detail too small to be spelled out!! If he buys you out in monthly instalments though, not sure how a real estate lawyer would effect the title change. You may just have to state a term in your agreement that upon receipt of the final instalment payment, the title will be changed to be under his name only. Speak to a real estate lawyer, i'm sure they will have handled similar transactions before and can advise you accordingly.
OK the lawyer I spoke to is Family law so I guess she doesn't talk about buyout etc thanks again!
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