Divorce. 1 child 1 house. I do not understand the question

Expert's Assistant chat
Customer: Divorce
JA: What are the assets involved here? Are there any minor children?
Customer: 1 child 1 house
JA: Were any marital funds used for the mortgage or property improvements?
Customer: I do not understand the question
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no
Answered by Timothy in 3 mins 2 years ago
imglogo
Timothy
10+ years of experience
logo

256 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.

logoBack
logologo
Timothy
logo
logo
256 Satisfied customers
logo
10+ years of experience
imglogo
Timothy
10+ years of experience
logo

256 Satisfied customers

Jessica

Jessica

Consultant

31,131 Satisfied customers

Pearl avatar
Lawyer's, Assistant
116 Lawyers are online right now.
img

Timothy, Expert

Hi. My name is ***** ***** I'm a lawyer. Could you please tell me what Province you are from and what your question is?
Customer
Ontario
Customer
Can we speak on the phone verbally ?
Customer
Hi
img

Timothy, Expert

We can do a phone call but it is a premium service and is an additional cost of $70 USD. If you would like to do that I can start the process.
Customer
Let's do that later I guess
Customer
My question is
Customer
My wife left me
Customer
We have been married for less than 2 years and live together 3. When we bought the house I put down a 85,000 deposit from money I got from sale of my house I owned alone.
If we sell the house do we split proceeds 50/50? Or am I entitled to recover that 85,000 and then we split what left?
img

Timothy, Expert

The answer will take me a few minutes to type so please give me a moment.
Customer
Ok
img

Timothy, Expert

Are you both on title of the house? Were you married when you sold the previous house?
Customer
We are both title of this house and no we were not married when I sold previous home. And I was on that title alone
img

Timothy, Expert

When married couples divorce, we go through a process called equalization. In equalization we take the debts of each spouse and subtract their debts from it. That gives us what is called your "Net Family Property". This number can get bigger or smaller if one person brought significant debts or assets into the marriage. If someone has a bigger net family property than the other, we take the difference between the two, divide it by two and the person with the small number get paid that amount. That said, when we calculate this number, each person person only uses half the value of any assets that are owned jointly. This would included your house.

In most circumstances, that usually results in both spouses splitting the proceeds of the house sale 50/50. Generally, one spouse is not able to collect any additional funds they put into the matrimonial home. The matrimonial home (the one you are actually living in at the time you got married) is treated differently than any other asset.

Your circumstance is a bit different though. When there is a short term marriage and one spouse has greatly increased the spousal assets (which appears to be your case), you can seek what is called unequal equalization. In other words, you took pre-marriage assets to create a jointly owned asset in a marriage that was short in duration. If the house had been in your name only, it would have been easier for you. Since you put the house in both of your names, the argument will be more difficult. This is not to say that you can't be successful but it will be more difficult. There is no answer I can give you that will be 100% certain because it a matter of many specific facts that have to be taken into consideration. Overall though, you will argue that this should be be split equally because it was a short term marriage and you put the lions share into purchasing it.

If you had the $85,000 in the bank on the day you got married, you will get credit for it and you would essentially get 1/2 of that back in equalization calculation.

Let me know what I can clarify.

Customer
I didn’t have 85,000 in the bank the day we got married. We moved in together a year earlier and that when I had the money in the bank it was from proceeds of my house. My bank took the 85000 from sale of one home and put it as down payment on my mortgage for the new home. I should also mention I paid off her car of 10,000 and I paid her father back for debt she incurred on his line of credit of 7000$
img

Timothy, Expert

All of that will assist in your argument for unequal equalization
img

Timothy, Expert

Is there anything further I can clarify for you?

Customer
I think I am good. Thank you
img

Timothy, Expert

If there is anything else I can do please let me know. If you have not yet done so, please take a moment to leave me a five star rating so I can recieve credit for our conversation. Thank you
Ask a lawyer and get your legal questions answered.
See all Legal Questions
img
Related Legal Questions
How it works
logoAsk for help, 24/7
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.
logoExpert will respond in minutes
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.
logoSave time & money
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.
img
logo 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.
Explore law categories
Powered by JustAnswer