I am thinking of getting married. My opposite sex partner and…

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I am thinking of getting married. My opposite sex partner and…

I am thinking of getting...

I am thinking of getting married. My opposite sex partner and I bought a home months ago. We have a co habitation agreement. I put 150,000 down which was from a personal injury claim. She has signed a registered mortgage to me for that amount if the house sells. If we get married does that mortage become null and void and the entire amount of my 150,000 get divided in half. Can I protect that registered mortgage to me in a pre nup.

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Answered in 2 minutes by:

12/14/2009

Lawyer: Debra, Lawyer replied 10 years ago

Debra, Lawyer

Category: Canada Law

Satisfied Customers: 128,495

Experience: Lawyer

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What province are you in please?

Customer reply replied 10 years ago

ontario

Customer reply replied 10 years ago

Are you are saying that matramonial home is always split no matter what or are you saying I can protect that mortgage she has signed for 150,000 if i have a marraige contract?? I am just going to get kids at school .I will respond around 3 to your reply .Thanks

Customer reply replied 10 years ago

First I will be paying for this information . Hopefully this is the last reply. So if I have a contract that states that the 150,000 I paid as a down payment and have a registered mortgage signed by her that money will remain mine and we then slpit whatever equity is remaining . We also have in our co habit that we both have the right to sell the house without the others concent as long as my money and any legals and other mortgages and such are paid and an arms length deal. So if I understand I can protect the 150,000 I have put down but the courts have the right to grant her possession.Would this be if the equalization pays the outstanding mortgages ? Or just the risk exists that the courts could say see you later she gets the house with her children being younger or whatever. .

Lawyer: Debra, Lawyer replied 10 years ago

In Ontario it's almost impossible for one spouse to get exclusive possession of the matrimonial home. The only likely way she could get this is if you were charged with domestic violence. It's almost unheard of otherwise. In Toronto where I am, that order is just not given by the Court.

Generally, the law is that both spouses have an equal right to possess the home. That's even true of a rental premise and it doesn't matter who owns the house or has his/her name on title.

So, neither of you can have the other leave. It's not affected by ownership or contribution at all.

But, what happens is that she once the division of the assets is done and in your case with a contract it would be simple, she will need to move on because you will get the house.

Your lawyer will explain about this to you.

Debra, Lawyer

Category: Canada Law

Satisfied Customers: 128,495

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Customer reply replied 10 years ago

It is a little confusing on how to transfer the $45.00 ..Do I just put that in add deposit and it will transfer ?? Never used this site before

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Lawyer: Debra, Lawyer replied 10 years ago · Answer 1

In Ontario you are correct in that the matrimonial home is treated very specially.

Generally, if an asset is brought into the marriage it's not shared. An increase in value of the asset is shared.

But, with the matrimonial home, it's generally shared no matter what.

As well, generally gifts and inheritances are not shared. But, in Ontario if a gift or inheritance is put into the home, then it loses the characteristic of being a gift or inheritance.

The only way to prevent this sharing from happening is to have a marriage contract.

This will be simple to do and it's well worth the time and money. It's essential that you both make full financial disclosure and both have independent legal advice. I am sure you know this because of the cohabitation agreement.

You can deal with division of assets and support in the contract.

You cannot deal with possession of the home but otherwise can certainly deal with how it will be treat if your marriage were to end.

Let me know if you need further clarification.

Lawyer: Debra, Lawyer replied 10 years ago · Answer 2

Without a marriage contract the matrimonial home is always split unless the marriage is very short.

You can protect everything in a marriage contract.

The marriage contract is basically a way to opt out of the law completely.

The exceptions are with respect to the possession of the home and for things like custody and access of kids.

But, for all financial matters, if the marriage contract is done properly you can make it so the two of you and not the law decides what happens.

When you get back I may be gone to pick up one of my kids too.

I will be home until around 3:30 and then back about an hour or so later.

So, don't hesitate to post back if you need to.

Lawyer: Debra, Lawyer replied 10 years ago · Answer 3

It's already been transferred. It happened when you clicked accept.

Thanks

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