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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100383
Experience:  Lawyer
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My ex and I are working out financial aspects of our divorce

Customer Question

My ex and I are working out financial aspects of our divorce and the debt. We had no substantial personal asset coming into the marriage (we each owned old cars and our own furniture). I moved out with no assets but some furniture, he stayed in the home (his name is ***** ***** mortgage...mine is not, and there are still mortgage payments to be made). During marriage he had two credit cards in HIS name, he wants me to pay one of them that accrued $11,000. We have one child, shared custody and he pays $200 a month to me. He makes $82000/year, I make $54,000/year. He also does not think the house is an asset? And is making me pay that credit card that I can't afford. Any help is greatly appreciated!
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

How long were you married for?

Do you mean that your name is ***** ***** title to the house?

Customer: replied 1 year ago.
Married for 5 years. My name is ***** ***** the title either.
Expert:  Debra replied 1 year ago.

The way this will work is that you will each share in the value of any assets acquired during the marriage, regardless of whose name is ***** ***** except for gifts and inheritances and you will share in the increase in value of all assets brought into the marriage.

This is essentially the same for debts in most cases. So if there are new debts since you married you would share in them.

This does not mean that you are liable to a third party but this means that if this went to court the court would look at the value of all assets and debts in each name and then the person with the higher total would have to pay the person with the lower total an amount to equalize your net worths so that you each walk away being equal.

Does that answer the question?

I suggest that you consult with a family lawyer given the fact that he says the house is not an asset but you share in the debt. That is a pretty ridiculous position so don't let that scare you.

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