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4/12/2010
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debra thal :
In Ontario the matrimonial home is treated specially. Regardless of who brings it in or who paid for it or whose name it's in, it is shared equally.
What you do to find out who owes what is you add up all the assets in your name, subtract all the debts and come to a total. The only assets not included are gifts, inheritances and assets brought into the marriage, except for the matrimonial home. But any increase is the value of these assets is shared.
So, when you work out your total, you look at what you have now and subtract off the value of all assets at the date of the marriage (aside from the home) and come to a total after taking off any gifts, inheritances and debts.
You do the same for her.
Any assets or debts owned jointly are divided in half for the calculation.
Then the person with the higher number pays to the person with the lower number what is needed to make the two totals equal.
Does that make sense?
Customer:
The only issue is the home. So to be specific when we married in 2003 I was living in a home that I had about $100,000 dollars of equity in. She moved in and since then we have moved again and the equity in our current home is $250,000. If I read you correctly you are telling me that she is entitled to half of the $250,000 even though $100,000 of that $250,000 was brought in to the relationship by me?
debra thal :
If it was put into the current matrimonial home, then yes that is correct.
Customer:
Well that is not good news for me. Thanks for the clarification though.
debra thal :
You are welcome.
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