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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100373
Experience:  Lawyer
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I bought a house with a common law partner. I payed

Customer Question

I bought a house with a common law partner. I payed for everything but her name is ***** ***** the mortgage. The relationship is now ending and I want to know how I can keep the house. Thanks
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
What province is this please?Do you mean her name is ***** ***** the title?How long did you live together for?Do you have any children together?
Customer: replied 2 years ago.
This is BC. And yes her name is ***** ***** title as a secondary. We've only owned the house for 6 months and no we have no children.
Expert:  Debra replied 2 years ago.
How long did you live together for?
Customer: replied 2 years ago.
We've lived together in different places for 6 years but we've only just started doing our taxes together last year
Expert:  Debra replied 2 years ago.
It has nothing to do with how you did your taxes. As you lived together for 6 years you are common law spouses. That means that you will share in the value of all assets acquired during the relationship exactly the way legally married spouses do. Even if she didn't share in the value of the house, which she will, she would share in the money that you used to buy the house. Only gifts and inheritances acquired during the relationship are not shared. Assets brought into the relationship are not shared but the increase in value of them over the course of the relationship is.
Customer: replied 2 years ago.
So I would have to buy her out then and give her half?
Expert:  Debra replied 2 years ago.
Not exactly. The way this works is that you would each add up the value of all assets in your own names and take half for joint assets then subtract all debts in your names and then compare the totals. The one with the higher total pays the one with the lower total what amount is needed to equalize the totals. Then if you were buying her out you would also include payment for half of the equity (which would be reduced by deemed disposition costs).
Customer: replied 2 years ago.
OK I think I get it. She has student loans close to fourty thousand dollars as well as a truck payment strictly in her name. All I have in my name is ***** ***** payment and a low-limit credit card. Would she potentially have to give me money?
Expert:  Debra replied 2 years ago.
It depends on what your bot***** *****nes. So you have to sit down and do the calculation.

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