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Jessica
Consultant
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 ?
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.
JJL11, Expert
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