If my common law partner and I split up and we own a home which he would take how much would the buy out be for him to

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Customer: If my common law partner and I split up and we own a home which he would take how much would the buy out be for him to keep the house? Our house is worth $500 000 and we owe $300 000 on the house. We also have a 1.5 year old daughter.
JA: What province are you in? It matters because laws vary by location.
Customer: Ontario
JA: What steps have you taken so far?
Customer: This is my first step.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: Yes. I had a previous house which I sold to move into his house
Answered by JJL11 in 19 mins 2 years ago
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JJL11, Expert

Good morning - My name is ***** ***** I'm happy to assist you today. I am an Ontario lawyer who can answer family law questions.

Do you and your common law partner both own this home you live in and are both of your names on the mortgage for the home as well ?

Customer
We we both live in the home and both of our names are ***** ***** mortgage
Customer
Are you able to give me advice though text wothout me paying more? I will not be able to call for $84
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JJL11, Expert

With common law marriages, there is no automatic division of property but jointly owned assets and debts are evenly divided.

So in your case, your share of the home is $250,000 and your share of the debt for the home is $150,000. Therefore, your net share of the home is $100,000 and this is the amount your partner has to pay you to buy out your share.

Customer
Thank you very much! I appreciate your help a lot
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JJL11, Expert

You are very welcome.

It would be appreciated if you could submit a rating for my service since that is how I get credit for helping you.

A 5 star rating would be appreciated if you were fully satisfied !

Take care.

Customer
Will do.
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