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Old 6th Nov 2018, 16:54
  #7 (permalink)  
RatherBeFlying
 
Join Date: Sep 2001
Location: Toronto
Posts: 2,196
Good legal advice at the onset of a family breakup may help minimize the damage.

The negative equity is a complicating factor and it might not turn out well if the local market continues downward. Brexit is greasing the downward slope.

​​​​​​In my case, our house had doubled in the short time we had it and my ex wanted her half of the equity. However a downturn was in the wings and the prices dropped some 25% in the next couple years. One of my best decisions was declining to tie an extra mortgage around my neck when the signs were out that the prices were at the edge of a cliff.

My free advice is to sell both properties and work through the lawyers on achieving an equitable split of the resulting assets.
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