Matrimonial home

[thehope]

I have paid for all expenses, mortgage and expenses for our matrimonial home while fighting for spousal support and increased child support for the past 4 1/2 years along with a myriad of phony promissary notes by my ex.

In the meantime the value of our house has increased a Lot.

Is the valuation of the house for NFP from Separation date or now when I can finally pay my ex out after court ordered support?

My ex sneaked through our divorce when I could not afford a lawyer 1 1/2 yrs ago. Would I have to pay land transfer tax since we are not married any longer?

Thanks for your help.

 

[inseperationhell]

I bought my ex out of the our house, no land transfer tax was due because I was already on the deed as owner - it was just getting mortgage approval and removing him from the deed. The valuation of the home to buy him out was NFP at seperation date, not when I actually payed.

 

[thehope]

Thanks for the reply.
Just wondering how long after your separation is it that you bought him out.
My lawyer is saying that I must pay current property valuation...it is many years later though.

 

[Mess]

In Alberta it is current valuation. In Ontario it is the valuation at separation, as a starting place. The other party is still half owner. Technically a fair value would be to split the value, less the amount that you had put into it since separtion, but you would also add a fair rental payment to your ex for the last 4 1/2 years. So it may work out in your favour or your ex's. A simple way to do it would be just to split it now.

I strongly suggest that you ask your lawyer how they come up with that value and where it is supported in law, if you are not sure. You have to make decisions and they have to be informed decisions.