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Money When you break up a year after buying a condo together

09:35  02 december  2017
09:35  02 december  2017 Source:   moneysense.ca

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Sometimes you just want to send them a guide to a smarter breakup . But maybe those wishy-washy romantics are onto something: Approximately 50 percent of couples get back together again after breaking up

Q: My son and his common-law partner bought a condo together in Vancouver last year —which has since gone up in value. Break -ups are hard and can be exasperated when a division of assets is necessary.

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Q: My son and his common-law partner bought a condo together in Vancouver last year—which has since gone up in value. The relationship did not last and she would like to buy him out as both their names are on title. Are you aware of the steps involved to legally proceed with a real estate buy out and is it a wise move from an investment point of view?

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When you break up a year after buying a condo together . The best way to help your child buy a home. Can I still claim the principal residence exemption?

However, it's important to realize that once you break up and get back together , there are definitely some things about your relationship are going to change. Breakups and makeups for some couples are simply a part of their relationship dynamic.

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— Norma R.

A: Hi Norma. I’m sorry to hear that your son is in this position. Break-ups are hard and can be exasperated when a division of assets is necessary.

I’m assuming your fear is that if your son accepts a buyout from his ex, he may then be priced out of Vancouver’s hot property market.

To minimize the impact of future property price appreciation, he should take the money and buy his own condo or home.

Your fear—that by giving up ownership of the condo he misses out on future appreciation—neglects how difficult decisions can be with someone you choose to no longer build a future with. Just imagine it’s five years from now. Your son has met someone new and he is happy. Very happy. He wants to buy a place with his new love and asks his ex if she could buy him out of this condo. His ex, on the other hand, has just gotten out of another relationship; she is unhappy, bitter and feeling defensive. How well do you think your son’s request will be taken? Probably not all that well. Of course, things could work out totally different, but that’s just it, we don’t know. For that reason, I’m of the belief that it’s always a good idea for each part of a dissolved partnership to sever emotional, physical and financial ties. As soon as possible. Remember, it’s already hard to make unemotional decisions about what to do with an asset when hurt or regret or anger or disappoint lingers, never mind when years have passed and life has unfolded in unpredictable ways.

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Getting back together after a break - up is not easy but it can be done. Getting together after a breakup is a very common thing: A study found that almost 50% of couples admitted to reuniting with their partner after they had broken things off.

After living together for a few years , most couples have accumulated an impressive amount of stuff together . That's what Kimmie Seely, a hairstylist from Mishawaka, IN, did when she broke up with her boyfriend of six years and he moved out of the house she owned.

The dilemma, then, is how to make sure that both your son and his ex are treated fairly when splitting this asset. This should be relatively easy, as long as they agree to pay for some expertise. The first is to pay for an appraiser who specializes in divorce settlements. This appraiser will be able to provide a “fair market value” report—a snapshot of what the property is currently worth if it were sold in as-is condition on this specific day. This FMV report would give a price or price range that your son’s ex could take to the bank in order to obtain mortgage financing. She would then be responsible for paying your son half of the condo’s FMV. He can accept this money free and clear, as he doesn’t have to pay taxes since the condo was his principal residence.

As to your fear of losing out from an investment perspective, remember that he will be selling his portion of the condo to his ex and, if he chooses, buying a new condo in relatively similar markets. That puts him in a net-net position—what he gained in price appreciation on the sold condo will help with current, higher condo prices.

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H and I lived together after we got engaged. But we're talking renting an apartment, so I can't totally comment like the PP. What happens if you break up a year after ? I bought my condo 3.5 years ago when I was just dating a now-ex boyfriend.

laurenelizaberry: After 4 years together we broke up . Basically he had just left the Army with mild PTSD and started college. Added onto that stress he felt like he was tying himself down too early in life – understandable we were 16 and 18 when we got together and this was at 20 and 22.

Finally, when it comes to the legal process please advise your son to pay a mediator or lawyer. A few hundred or even a few thousand spent on professional, unbiased advice is well worth the money spent. If he wants to focus on a quick resolution, look for a lawyer or mediator that specializes in uncontested divorces. These professionals realize that not everyone wants to battle over every cent in court and will work to find a fair, quick resolution. Also, by employing a legal professional you are assured that all the paperwork and documentation required to remove your son’s name from the property title and the mortgage documents will be complete and filed, leaving him free and clear to enjoy the rest of his life.

Ask a Real Estate Expert: Leave your question for Romana King »

Romana King is an award winning personal finance writer, a real estate expert and speaker.

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