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We have separated, and he did not want to leave the family home. Instead, we refinanced the mortgage, which allowed me to access some equity, but not the entire amount. This was necessary because he wouldn't have been approved for a mortgage on his own. We bought a second home,e smaller and it is under both of our names in title and mortgage. Since the older house is double the price of the other one, how do we divide the property or right a provision that still needs to provide me the rest of the money once he sells the first home?
03 months ago
Dawn Nelson - Dawn L. Nelson, Barrister & Solicitor (Edmonton) Verified Lawyer
Hi Peggy,
This is a very specific scenario that would benefit from a private conversation with a lawyer to go over the details and get some advice and direction tailored to your situation.
The general concept with the Family Property Act is that everything gets divided: assets and debts/the good and the bad. The date of division is the date of divorce or the date of trial, whichever is earlier. The amounts accumulated during the relationship are generally divided 50/50 while the amounts after separation and before divorce or trial may be divided at the discretion of the judge. The math can get complicated and there is often some "horse trading" involved in property division, and each family has the option to make their own deal, even if it does not comport with the black letter of the law. These are best discussed with a lawyer in private, and not something that can be addressed on a public discussion forum like this one.
23 months ago
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