I'm looking for advice on asset division. I'm in a common law relationship and there are 3 properties each having

Expert's Assistant chat

Customer: Hi, I'm looking for advice on asset division. I'm in a common law relationship and there are 3 properties each having mortgages jointly held.
JA: What province are you in? It matters because laws vary by location.
Customer: Ontario
JA: What steps have you taken so far?
Customer: We are attempting to resolve property evaluations and I've put all our assets and liabilities in a spreadsheet. I've also indicated in the sheet the down payments for each person and other things to be taken into account.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: Yes, need advice on what best method is to determine a fair market evaluation of a recently built property (purchased 2017 from builder). Common law partner received information from a realtor indicating that if the builder still has the same model available to use that price + 50% of the upgrade costs. Should we obtain 2 other appraisals? If so, then do we take an average if the 3?

Answered by Debra in 5 mins 3 years ago

Debra

10+ years of experience

174776 Satisfied customers

Expert in: Family Law, Legal, Estate Law, Real Estate Law, Criminal Law, Employment Law, Business Law, Consumer Protection Law, Bankruptcy Law, Traffic Law, Personal Injury Law.

Back

Debra

174776 Satisfied customers

10+ years of experience

Debra

10+ years of experience

174776 Satisfied customers

Lawyer's, Assistant

116 Lawyers are online right now.

Debra, Expert

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

Debra, Expert

I am sorry to hear that you are in a difficult situation.

You can agree on how to valuate the property. However, if this were to go to court you would need to retain a professional valuator to evaluate the properties properly so that the court can make an informed decision based on an expert's opinion.

So you can agree to take the average of 3 different appraisals but if you end up having to go to court the best route would be to try and agree on one unbiased professional valuator that does valuations that will stand up in court.

Does that make sense?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Customer

Thank you this is the information I've been looking for. I am looking to stay in the home that I am in now which has a pretty hefty mortgage on it

Customer

due to the fact that we borrowed 88K from equity to put as a down payment for an investment property which is currently being rented out. I prefer to g

Customer

et my share of the borrowed equity back to reduce the mortgage on the home I intend to stay in. What can be suggested to make this happen?

Customer

We both put down roughly about the same against the property that we live in right now. He 75k , me 107k. Do these values come into consideration only

Customer

after we have determined all the assets minus the liabilities?

Ask a lawyer and get your legal questions answered.

See all Legal Questions

Related Legal Questions

I had a girl that I had only just met come and stay with me at my apartment in Hinton AB for the last few months to help

5.8.2020

Legal Ease

Consultant

174,776 Satisfied Customers

My wife and I are US citizens currently in residence at our home in Conway, SC ... We are "seasonal residents" in PEI as

5.8.2020

Legal Ease

Consultant

174,776 Satisfied Customers

I am referred by ontario consumer complaint centre.my case is "my car was towed from front of my house when I was away

5.8.2020

Legal Ease

Consultant

174,776 Satisfied Customers

I have applied for Canada PR in Dec 2019. I'm an Indian passport holder currently in Canada (In work Permit). I had

5.8.2020

Joanne Lau

Legal Specialist

2,942 Satisfied Customers

Can school boards force a teacher to do live learning in the privacy of their own home. This is visual with no

5.9.2020

Legal Ease

Consultant

174,776 Satisfied Customers

I had a girl that I had only just met come and stay with me at my apartment in Hinton AB for the last few months to help

5.8.2020

Legal Ease

Consultant

174,776 Satisfied Customers

My wife and I are US citizens currently in residence at our home in Conway, SC ... We are "seasonal residents" in PEI as

5.8.2020

Legal Ease

Consultant

174,776 Satisfied Customers

How it works

Ask for help, 24/7

Members enjoy round-the-clock access to 12,000+ verified Experts, including doctors, lawyers, tech support, mechanics, vets, home repair pros, more.

Expert will respond in minutes

After you reach out, we match you with an Expert who specializes in your situation. Talk, text, chat, whichever you prefer.

Save time & money

No scheduling hassles, missing time from work, or expensive consults.

A JustAnswer membership can save you significant time and money each month.

593 Verified lawyers, 10+ years of experience

DISCLAIMER: Answers from Experts on Askalawyeroncall.com are not substitutes for the advice of an attorney. Askalawyeroncall.com is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response as proposing specific action or addressing your specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances should be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on any information received from an Expert, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains. The responses above are from independent, freelance Experts, who are not employed by Askalawyeroncall.com . The site and services are provided “as is”. To view the verified credentials of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.