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Copperlaw
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How do you split up rental property in a divorce when its

Resolved Question:

How do you split up rental property in a divorce when it's worth $500,000 and you still owe $300.000 but she wants to buy me out
Submitted: 1 year ago.
Category: Canada Law
Expert:  Copperlaw replied 1 year ago.

Copperlaw :

Hi There

Copperlaw :

So you have a rental property that you own and she wishes to buy you out. There is only $200,000 in equity in the property.

Copperlaw :

Regardless that the property may be worth $500,000, the mortgage company owns $300,000 worth of that property, and you both, jointly own $200,000 of the property, or the amount of equity that exists

Copperlaw :

Therefore, as far as assets go, you each have entitlement to $100,000 of that equity, given a 50/50 split of matrimonial property

Copperlaw :

so, in order for her to buy you out, your interest in the home is only worth your $100,000 share of the equity so she'd have to give you $100,000

Copperlaw :

If you sold the property for $500,000, once the mortgage company is paid the $300,000 owed, the amount leftover, or $200,000 is what you both own

Copperlaw :

So she would not be paying you $250,000 as together, you only own $200,000 of the property, the bank owns the other $300,000

Copperlaw :

So if she buys you out, she gives you the $100,000, which is your half of the equity, and then she would sign a release, releasing you from your obligation on the $300,000 mortgage

Copperlaw :

Please let me know if you require any clarifcation

Copperlaw, Lawyer
Category: Canada Law
Satisfied Customers: 1370
Experience: Retired cop. Now a Lawyer. Drug expert, breath tech, negotiator, traffic specialist. Criminal, Family, Civil and more.
Copperlaw and 2 other Canada Law Specialists are ready to help you
Expert:  Copperlaw replied 1 year ago.

Hi

 

I know that there have been some issues with the chat interface so I switched the format just in case you weren't able to see my response. We can continue chatting here as much as you require.

 

Jim

 

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