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Separation and Joint Mortgage

I am considering separating from my common-law husband and moving myself and our daughter to a different province where my immediate family is located. WE currently have a mortgage together and our home has approx 30K in equity. I will have no income and will be supported primarily by my parents until I get settled and find employment. I have credit card debts (30K) and student loans (15K) that are approx 8 years old. I am considering filing bankruptcy when I arrive in the new province. My question is what will happen to the equity in the home? I have not been working for the past year and he has been supporting our family and paying the bills. Would he be able to keep the house and continue paying the mortgage or would the home have to be sold and any potential equity split?
what will happen to the equity in the home? I have not been working for the past year and he has been supporting our family and paying the bills. Would he be able to keep the house and continue paying the mortgage or would the home have to be sold and any potential equity split?

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One Response to “Separation and Joint Mortgage”

A licensed trustee said...

Family Law will require the equity in the home to be split. If you file an assignment in bankruptcy your share of the equity will be an asset that your trustee will have to turn into cash. If your ex wants to keep the house they will have to pay your trustee an amount equal to your share of the equity in order to do so.

You should be talking to a family law specialist before you speak to a trustee – deal with one thing at a time and then move on.