Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Reply
 
Thread Tools
  #1  
Old 03-01-2018, 09:21 AM
abu abu is offline
Junior Member
 
Join Date: Dec 2013
Posts: 20
abu is on a distinguished road
Default condo / seperation

we are separated for around 5 years , I moved out of our condo during separation (mortgage and title is on my name) the x stayed in and was paying mortgage, now x is finally getting the mortgage ...
the x want me to just sign over - saying the place was bought on minimum down and I should not get anything as I didn't pay mortgage for the last 5 years ...
the mortgage is just over 200k and the current price/value over 300k


what ($) could/should I expect ?
how to look at it ?


thanks
Reply With Quote
  #2  
Old 03-01-2018, 05:10 PM
paris paris is offline
Senior Member
 
Join Date: Jun 2007
Posts: 566
paris is on a distinguished road
Default

When did you buy it? How much did you pay and how much down? What was the value on the day of separation? Toss in how long were you together?
Reply With Quote
  #3  
Old 03-01-2018, 05:17 PM
standing on the sidelines standing on the sidelines is offline
Senior Member
 
Join Date: Dec 2006
Location: Kitchener Ontario
Posts: 5,305
standing on the sidelines is on a distinguished road
Default

you separated 5 years ago and are just dealing with the condo now? Did you and her have a deal where she could live in it and pay the bills until it was paid down enough so she could get a mortgage on her own?
Reply With Quote
  #4  
Old 03-01-2018, 05:29 PM
paris paris is offline
Senior Member
 
Join Date: Jun 2007
Posts: 566
paris is on a distinguished road
Default

From your first post here...

We got our place recently (its on my name only so is the mortgage Ė but I did sign ďsomethingĒ during buying process that I can not sell it without her)
if we try to sell we will lose money (she does not want to sell)
if I stay there I will not be able to pay for it (I do not care about losing money on it)
If I move out she promise to sign separation agreement 50/50 custody for the kids and she gets the mortgage on her name later (she does not know when her credit will let her)
all I care is the joint custody 50/50 and my name out of the mortgage
Ö

5 years you waited. You didnít care if you lost money selling it. She has paid the mortgage all along. You separated shortly after buying so are really only out the amount of the down payment.
You wanted your name off the mortgage and she is finally able to do that. It could have turned out a whole lot worse.
Did you get your 50/50 with the children?
Reply With Quote
  #5  
Old 03-02-2018, 10:11 AM
abu abu is offline
Junior Member
 
Join Date: Dec 2013
Posts: 20
abu is on a distinguished road
Default

thanks everybody
yes I got kids 50/50
we had condo for a 2 or 3 years , we did put 20~30k down (my rrsp a big chunk maybe most of it) - I have to check all details ...
when I moved out the x promised to get the mortgage in 6months (it says in separation agreement)
at the beginning it was always "I am working on it (mortgage)" or "I am buying a house soon so wait" etc. , yes I did not push it and I did wait
(had many other problems - I know it is not a good excuse)
but every time I did say "if you wait with the mortgage to long I will want a peace of it (increase of market price/value)"
and yes for last year or 2 I did not bather to talk/ask about it as I always hear the same excuse ...
please feel free to comment/advise ...
Reply With Quote
  #6  
Old 03-02-2018, 10:41 AM
standing on the sidelines standing on the sidelines is offline
Senior Member
 
Join Date: Dec 2006
Location: Kitchener Ontario
Posts: 5,305
standing on the sidelines is on a distinguished road
Default

Quote:
Originally Posted by abu View Post
thanks everybody
yes I got kids 50/50
we had condo for a 2 or 3 years , we did put 20~30k down (my rrsp a big chunk maybe most of it) - I have to check all details ...
when I moved out the x promised to get the mortgage in 6months (it says in separation agreement)
at the beginning it was always "I am working on it (mortgage)" or "I am buying a house soon so wait" etc. , yes I did not push it and I did wait
(had many other problems - I know it is not a good excuse)
but every time I did say "if you wait with the mortgage to long I will want a peace of it (increase of market price/value)"
and yes for last year or 2 I did not bather to talk/ask about it as I always hear the same excuse ...
please feel free to comment/advise ...
to me you made a deal that if you got 50/50 you would keep your name on the house till she could remortgage it. If the 6 months was actually written into the agreement you should of dealt with it then instead of waiting years. You accepted it by not doing something and in fact you admit for the last year or two you havent brought it up.

Is it actually written into the agreement that you would get a piece of any increase in value? Have you paid anything towards the mortgage, property taxes, condo fees or upkeep costs? You can say what ever you want but unless its in writing and she agreed it doesnt really matter.

I think you should maybe ask for your share of the downpayment back and that might be all. You made a deal about custody and you got what you wanted and so did she.

Look at it this way, you saved lots of money not having a battle for custody. If she would of taken it to trial all of your share of the increase in value would of gone to your lawyer. You want to fight her now and you may still either lose your case (I am not a lawyer so I am not sure what the rules are in your situation) or win but still have to pay your lawyer any profit you may get.

If it was me I would just ask for what I could prove was my portion of the downpayment and be happy to get that. I would look at it that if I would of dealt with it within the 6 months I would be probably out money. You did say that when you first separated you would lose money if you sold it then.
Reply With Quote
  #7  
Old 03-02-2018, 10:54 AM
abu abu is offline
Junior Member
 
Join Date: Dec 2013
Posts: 20
abu is on a distinguished road
Default

thanks
keep them coming
Reply With Quote
  #8  
Old 03-02-2018, 12:25 PM
paris paris is offline
Senior Member
 
Join Date: Jun 2007
Posts: 566
paris is on a distinguished road
Default

$20-30k down is $10-15k if you ask for half. It will cost you more than that to fight for that amount.
You didnít say how long you were married before you bought the house. If you hadnít used your RRSP for the downpayment, half of that RRSP would now belong to her. (Meaning you both made the downpayment).
You also didnít answer if you had contributed to the mortgage, taxes, fees in the last 5 years.
I think you should get the deal done and cut your minimal losses. Be happy you now have your credit back... good credit if sheís kept up with all the payments.
Reply With Quote
  #9  
Old 03-02-2018, 01:11 PM
abu abu is offline
Junior Member
 
Join Date: Dec 2013
Posts: 20
abu is on a distinguished road
Default

Quote:
Originally Posted by paris View Post
$20-30k down is $10-15k if you ask for half. It will cost you more than that to fight for that amount.
You didnít say how long you were married before you bought the house. If you hadnít used your RRSP for the downpayment, half of that RRSP would now belong to her. (Meaning you both made the downpayment).
You also didnít answer if you had contributed to the mortgage, taxes, fees in the last 5 years.
I think you should get the deal done and cut your minimal losses. Be happy you now have your credit back... good credit if sheís kept up with all the payments.


around 10 years at the moment of buying , and no I did not pay anything for the condo in those 5 years


thanks
Reply With Quote
  #10  
Old 03-02-2018, 01:24 PM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 3,417
rockscan will become famous soon enough
Default

You may want to do a search on occupational rent in the forum to understand that. You could also do a deep dive in canlii on equalization of assets.

Part of me thinks it is unfair your ex gets the advantage of the increases in property values because she sat for so long on it but the other part of me says you were an idiot for moving out and not forcing the issue.

Im surprised no one else has weighed in. You may want to speak to a lawyer (or two) to see what your numbers will be. Donít expect a big equalization based on current value since you left the residence. You may want to look at value on the date of separation and then split that. No sense trying to fight for the current value since the date of separation was five years ago. You have kissed that amount goodbye.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Common Law Separation - Condo Ownership Erpderp Financial Issues 11 01-28-2011 02:03 PM
Seperation Agreement denied access anonwhocares Divorce & Family Law 7 09-17-2010 01:27 PM
Why 'shared' custody? sasha1 Political Issues 35 07-01-2010 12:17 AM
Whose Condo Is it? So my Parents Can Relax Common Law Issues 7 04-21-2009 08:20 AM
Common Law Seperation: Dealing with Home Equity tp003 Divorce & Family Law 1 09-19-2008 02:01 AM


All times are GMT -4. The time now is 02:05 PM.