Dividing Assets (House) After Common-Law Split
My common-law partner and I are separating. Earlier this year we purchased a house, which is in both of our names. I intend to stay in the house and continue paying the mortgage by myself.
I know that if an asset is in both of our names, then we are each entitled to half of its value. Therefore I need to ‘pay off’ my partner.
Here are my questions:
1. How do we determine the value of our house? Would it simply be the price we paid for it?
2. How is the remaining amount owed on the house (mortgage) taken into account?
3. Given that my after-tax income has consistently been 4-5X my partner’s, how can I make the split fairer in recognizing my greater contribution toward the purchase of the house?
4. Can we legally divide the asset (house) without each having to hire lawyers?
Thanks in advance for any help.