October 19th, 2013 by Questions
my wife and I live together in our matrimonial home. Title to the home is in her name exclusively. There is about $200,000 in equity in the home. Unfortunately, she has executions vs her name totalling about $300,000 [from improvident bank sale and solicitor negligence]. She would love to be able to afford a lawyer to litigate but has been advised this will be very expensive, she has no excess cash and can’t access the equity in the home because of the executions. If she declares bankruptcy, what happens to my 50% of the equity? If she simply sells the home and makes a proposal to settle the debt, what happens to my 50% of the equity? Do I even have an equity position?
Posted from: Ontario
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October 19, 2013 at 3:43 pm, A licensed trustee said:
You are only entitled to the value of an equity interest if you are separating or divorcing. As long as you remain a couple, the house and all of it’s equity belongs to her since that is the way you set up your finances – it’s her house.