He's giving me the matrimonial home but....

[Holly]

Ex and I are going through division of assets. Ex wants to gvie me the matrimonal home and he will keep all his RRSPs so it comes to an equal division of assets. I want to check and see if ex has taken a second mortage out or used our home as collateral against a loan. How do I check such things? I do not have a lawyer. Ex's lawyer is anxious to start the awarding process for these two assets so I have to work quickly.

 

[dadtotheend]

A title search will reveal whether the property has been mortgaged or otherwise encumbered.

You can go to a land registry office or do it online. Here is a place that I have used many times:

Documental Search House: Name searches, NUANS, PPSA searches, Corporate searches, Title searches, NUANS searches Business Registrations Toronto Ontario North York Richmond Hill

Do you know that the law in Ontario requires that matrimonial homes cannot be mortgaged or encumbered without the consent of both spouses?

 

[limer]

Division of Assets... Financial reports have been sworn and filed? Do you think it is accurate. If no Sworn financial statement then I would not assume that the deal he is looking for is equal. Anyways, the lawyer handling the transaction will research any other leans that are on the property.

 

[frustratedwithex]

You should get a lawyers advice on this. This is not always an equal division of assets. This sounds like a good thing for your ex. The RRSPs will continue to grow in value and the maitenance involved with a house does not always mean that this is an even trade.

Something to think about.

If you are unrepresented do not feel presured to accept anything. They will present it like it's the best deal you will ever get and it may not be in your best interest at all. Get some legal advice so you know what's in your best interest.

 

[Rioe]

Ex's lawyer is anxious to start the awarding process for these two assets so I have to work quickly.

No, you don't have to work quickly. Is there any valid reason to rush? They are trying to pressure you into it so you might make an ill considered decision in haste. To me, the urgency they are trying to make you feel reveals something about the deal that's not to your advantage that they don't want you to have a chance to discover.

If you can't find a lawyer you can afford, maybe try an accountant or a financial advisor. Try making an appointment with the bank that handles the mortgage, to find out if you can even assume the mortgage with your income if he gives you the house.

 

[standing on the sidelines]

No, you don't have to work quickly. Is there any valid reason to rush? They are trying to pressure you into it so you might make an ill considered decision in haste. To me, the urgency they are trying to make you feel reveals something about the deal that's not to your advantage that they don't want you to have a chance to discover.

If you can't find a lawyer you can afford, maybe try an accountant or a financial advisor. Try making an appointment with the bank that handles the mortgage, to find out if you can even assume the mortgage with your income if he gives you the house.

gotta agree. The only time someone wants to rush things is if there is something to hide.

 

[logicalvelocity]

With respect to RRSP's and the home and their redemption - Whomever, retains, all or part, of RRSP's has potential future income tax implications whereas the home may not.