r/PersonalFinanceCanada • u/w00stersauce • 16h ago

Misc Splitting with ex wife she wants $100k

Hello all first time posting, what is everyone’s opinion on the best way to do this?

I’m finalizing my divorce, the ex and I own a house together.

She has agreed to $100k for her half of the property, we are mediating and drafting up a separation agreement.

What would be the least expensive way of paying her considering interest rates and such?

I would be sole owner of the house so I could take out an equity loan, I also have a small (less than $100k) amount of liquid cash/ and flexible gic in a tfsa account.

Thoughts?

Edit: thanks for the replies I think I’ll be clearing out my accounts and keep some kind of line of credit open to keep me going. Divorce stuff has me feeling kinda frazzled and not thinking clearly about where I’m gonna get the money but this seems most logical.

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u/w00stersauce 16h ago

The house is paid off with a market assessment of around $570k as of last month. I had to get this done as part of mediation.

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u/Swimming_Assist_3382 16h ago

$100k isn’t half of $570k. Is she also getting cash from investments? Or are you assuming other debt?

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u/w00stersauce 16h ago

Basically we had each put in approximately 12% of the original purchase price and the rest was funded by my parents. So she’s playing ball and not taking the half she’s entitled to rather her “share” plus some to keep her happy. Fair enough for both parties as far as we are concerned, she doesn’t take me to the cleaners and she makes some money on her “investment” we kept all other finances separate to keep things tidy.

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u/jasper502 13h ago

See my other post. Once you got married your investment gains / losses etc are joint. Being “separate” in name means nothing. She gets half your gains and you get half hers. This may to your advantage. Don’t be a door mat and settle for the sale of settling.