House equalization after mortgage paid by ex

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torontonian

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I am quite confused by all the legalities offered to me with the MH equalization. Ex stayed in the house for the past few years (less than the 6 years required for property division) and paid all charges as well as paid off the mortgage. When we sell the house, I should get 50% of net value minus my 1/2 of the mortgage at separation plus the lost compound interest I could have gotten if we had sold at separation? If I understand well, the charges = occupancy cost, so they cancel each other. Is this correct? Help!!!:confused:
 
Not quite. You would get 50% of net value as of the separation date less your half of the mortgage. Unless you were paying 1/2 the mortgage all this time, you don't have a claim on any increase in value from separation date to present.

THAT would fall under equalization, so that's ONE entry in the whole formula. You SHOULD have gotten an appraisal shortly after separation, to show the value as of the date you left the home.
 
Common law separation property dispute

Common law separation property dispute

Hi new to posting here hopefully I am in the right area for this post!!!
My common-law spouse left our co owned home in sept 2007 and took our child with her moving to burlington on from Brampton on. Our home was purchased in 2004 for $149000 i provided all of the puchase costs including downpayment and all closing costs and fees i have made 100 % of mortgage payments and costs to date she provided about $15000 - $18000 towards purchases of items and renovation materials for the home. In 2005 a tax lien from cra of $37000 was placed on the home from business taxes I owed on our family business and the home was incomplete and at a mid renovation state when she left.
I did not get an evaluation done on the home when she left.
She is now after 4yrs of leaving and never contributing to the purchase of the home is asking that the home be sold and to give her half the value of the homes selling price minus the mortgage.
She is a 50% title holder but has not paid any costs to purchase.
The mortgage is now at $115000 owing and is still unfinished and still has the $37000 tax lien on it. Comparable finished homes in the area are selling for $200000-$225000
How would our home be divided if ordered to be sold by a court with all the issues involved ?
I have already tried to offer her $15000-$20000 to buy her out based on her expenses that she contributed but she insists she wants half of a 200000 value and for the property to be sold from my possession!!!
 
This is more of a civil matter since you were not married and there is no marital home or property equalization.

Think of the home as a business, you each invested in it. She invested some non-financial elements that can be given a cash value, don't ignore this. Take the amount you each invest and determine what percentage you each hold in the total investment. Then split the selling price accordingly.

As to the lien from your business, that amount would be paid out of your share, not the total sale price. Of course you can't sell unless you do something about the lien, but for now what you are doing is calculating a reasonable split and determining what you owe her.
 
Hey got dragged into superior court to force the sale of my home with the ex that left and returned 4 years later to claim her half of the house.
She was lawyered up and I could not afford legal defense I gave consent to sell the property and divide the proceeds from the sale of the house in half after the first mortgage is payed and closing costs. What I would like to know is can I take her to small claims court to sue her for her half of the mortgage costs ?
When we purchased the home I payed the down payment, closing costs lawyers fees and have payed the entire mortgage amounts since 2004 till present day the house has sold and will be closing in a month I gave consent to sell the home and split the profit from the sale do I still have a right of claim to make her pay me the half of the mortgage payments that she has never contributed to ?
Thanks for the advice if any is available !!!!
 
NBDad said:
Not quite. You would get 50% of net value as of the separation date less your half of the mortgage. Unless you were paying 1/2 the mortgage all this time, you don't have a claim on any increase in value from separation date to present.

THAT would fall under equalization, so that's ONE entry in the whole formula. You SHOULD have gotten an appraisal shortly after separation, to show the value as of the date you left the home.
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Furthermore to NBDad's comment. You can still get a back dated appraisal of the matrimonial home against the date of separation. The other party in the matter should be doing the same as well from their own independent expert.

Certified appraisals require strict guide lines. If there is a variance in price between the two they often have to respond to the reason in their evaluation. Basically a judge will take the highest and the lowest appraisal and split the difference on determining the value of the matrimonial home on the date of separation.

Good Luck!
Tayken
 
Mess said:
This is more of a civil matter since you were not married and there is no marital home or property equalization.

Think of the home as a business, you each invested in it. She invested some non-financial elements that can be given a cash value, don't ignore this. Take the amount you each invest and determine what percentage you each hold in the total investment. Then split the selling price accordingly.

As to the lien from your business, that amount would be paid out of your share, not the total sale price. Of course you can't sell unless you do something about the lien, but for now what you are doing is calculating a reasonable split and determining what you owe her.
Click to expand...
Does it matter that he said she is on the title to the home??
 
I gave consent to sell the property and divide the proceeds from the sale of the house in half after the first mortgage is payed and closing costs
Click to expand...

Nope, you gave consent. You can't "go after" her for anything. The time to bring that up would have been in court.
 
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