 elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand
 ·Cybersurf Intern..
| Common Law Prenup I throw this out the crowd for some brain picking.
A very good friend(no it's not me) of mine, who is a complete moron, has decided to sell his condo and buy a "loft" with his girlfriend. She has no significant money to bring to the table, so he's giving the proceeds from the sale of his condo to her, to use as down payment on the Loft , in order to avoid the land transfer tax.
The best part, she is going to own the majority 99% of the loft, while he (who has put up the brunt of the money) will own 1%.
But wait, he's protected himself they both signed common law prenups(why him? it's his money!), in case of a split they get 50/50 on the condo.
It gets even better.. he figures when the dust settles he'll have 40k in the bank , so he wants to buy this fancy gas BBQ, but it's on the condition she gets to spend the same amount of money on what she wants. Again it's HIS MONEY!!!!
I can't tell him anything, and most of his friends can see this a bad idea, and a diastase (and not from a relationship perspective, this one is gong to hurt bad) n the making.
Would such a common law prenup cover him from the fact that she owns 99% of the place?
He has a bad habit of falling for the first chick that bats an eye at him , he has a failed marriage and the last woman he was serious with cheated on him.
Let me sum up why I think this is a bad idea.. (and it's not about the woman) he;s post 40, has a mostly paid for condo in downtown Toronto, and giving it all up for a 30yr mortgage just south of 500K, that she barely(from what I understand) come up with her half.
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No, I didn't. Honest... I ran out of gas. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake....... |
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 thebaronPremium
join:2003-12-09
Stittsville, ON
 ·Storm Internet
·Bell Sympatico
 ·Rogers Hi-Speed
| Very, very, very bad idea.
One question though, how long have they been "a couple"?
I have once been in a financially lopsided relationship, it wasn't cool at all and I had to get out. I am a saver and she would instantly blow all her money on stupid shit (by stupid shit I mean, like, incredibly superfluous things that no one in their right mind would buy) and lived pay-cheque to pay-cheque and I was stuck picking up the rest.
Eventually I had enough and left before it got to the point of her living in my home that I worked so hard to be able to afford. |
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Reviews:
·Cogeco Cable
| said by thebaron:One question though, how long have they been "a couple"? Long enough for her to chop off his balls. Basically he's allowed a woman convince him to sell his home and share the proceeds with her. |
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 donoreoPremium
join:2002-05-30
North York, ON | reply to elwoodblues
Well I am not a lawyer and I do not play one on TV (I play a spy, but that is another story) I think common law prenups (that is not the right term I know) can be legal.
My wife and I did something similar. One day when we were dating she said "I have an idea". I have since learned to fear when she says this but that again is another story. She suggested that she buy a condo and I move in with her and pay rent. Rent was half of the mortgage payment and condo fees. She did do a down payment, but it was small as this was not a very expensive place. The idea was that if it did not work out, I would have been just paying rent and that was that. It was in writing, her lawyer for the real estate stuff did it.
That is a slightly different case, she was buying in her name. You friend could get screwed because it is being purchased in her name to avoid taxes. It would be be better if he did not avoid the taxes and did it in his name.
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The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names. |
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 LazManPremium
join:2003-03-26
canada | reply to elwoodblues
It's actually simple contract law...
There's no matrimonial attachment in a common-law relationship; that makes it easier. It's a business partnership, when it comes to buying the loft, nothing more...
As long as both parties sign a contract that they share equal ownership of the property; that if there is a falling out, the property is to be sold at market rate, and the proceeds split 50/50, etc, etc, then it should be fine. Stupid, but not painfully so.
As for her wanting to spend an equal amount of money, when he buys his fancy grill... Well, that's between them. I bought myself a new Broil King Imperial as a house warming gift when I moved this summer... I get the attraction of a $1000+ BBQ. My wife did not automatically get a grand to spend on something she wanted... She got $6k - for appliances... LOL
EDIT - I'm sure for an extra couple of bucks, the lawyer handling the purchase can draw up something that covers it off neatly, as well... |
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 GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3
·Start Communicat..
| reply to urbanriot
said by urbanriot:Long enough for her to chop off his balls. Basically he's allowed a woman convince him to sell his home and share the proceeds with her. Men do it all the time.
It's called Marriage. 
LazMan hit the nail on the head though, this situation is actually easier to deal with than full-blown marriage, as it's a simple contract between two parties rather than a matrimonial home. Whether or not it was "smart" for him to enter that kind of deal is wholly irrelevant. People do all sorts of things in the name of love that others would find absolutely absurd. Ask those people about it, and they would never change a thing about what they did. Logic sometimes simply does not apply. |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | reply to urbanriot
I couldn't sum it better.
Baron, about 2.5yrs, she moved in with him (her idea) about 6 months ago. Since then she's thrown out half his possessions (its not you anymore). |
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GonePremium
join:2011-01-24
Fort Erie, ON
kudos:3 | Two and a half years? People get married after being together for that long. Seriously, other than the fact people might see it foolish to give up something for someone he loves, what's the problem? |
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 eksterHi there.
join:2010-07-16
Lachine, QC
kudos:1 | reply to elwoodblues
Different things work for different people. If he feels like this is what he wants to do after two and a half years and it involves love, then there isn't any convincing that will help. |
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donoreoPremium
join:2002-05-30
North York, ON | reply to elwoodblues
said by elwoodblues:I couldn't sum it better.
Baron, about 2.5yrs, she moved in with him (her idea) about 6 months ago. Since then she's thrown out half his possessions (its not you anymore).
That is par for the course as they say |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | reply to LazMan
Huge difference, the wife is bringing something to the table, this woman strikes me as a gold digger. She also wants NOTHING to do with is friends, single/married or a couple. |
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 TigerLordResident pentaxianPremium,Mod
join:2002-06-09
Canada
kudos:6
·ELECTRONICBOX
Host:
International Broa..
Videotron
| said by elwoodblues:Huge difference, the wife is bringing something to the table, this woman strikes me as a gold digger. She also wants NOTHING to do with is friends, single/married or a couple.
You did your duty. You warned your friend. He didn't listen.
Should he come back to his loft one day and find his lovely wife pounding a colleague of hers on the 10000$ designer kitchen table she no doubt will want, he will have learned his lesson.
Some people are just stupid and won't listen. Let it play out. |
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| said by TigerLord:said by elwoodblues:Huge difference, the wife is bringing something to the table, this woman strikes me as a gold digger. She also wants NOTHING to do with is friends, single/married or a couple.
You did your duty. You warned your friend. He didn't listen. Should he come back to his loft one day and find his lovely wife pounding a colleague of hers on the 10000$ designer kitchen table she no doubt will want, he will have learned his lesson. Some people are just stupid and won't listen. Let it play out. Mod you are going over. It is none of your fucking business who is pounding whose. It might happen to you and then we will see.
Let blues friend live his life. It is none of our business. I see some male pricks here wanting others live like their. |
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 DKSDamn Kidney StonesPremium,ExMod 2002
join:2001-03-22
Owen Sound, ON
kudos:2
·Bell Sympatico
| reply to elwoodblues
said by elwoodblues:Would such a common law prenup cover him from the fact that she owns 99% of the place?
Did both parties seek independent legal counsel? Or is that a "Found the form on the internet" kind of pre-nup? If it is the former, it may be binging. Otherwise, maybe not. But in any case, somebody will be taken to the cleaners, at some point. And the lawyers will make their pound of flesh.
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Need-based health care not greed-based health care. |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand Reviews:
·Cybersurf Intern..
| reply to loosedobbs
Not at all, I genuinely want to see this work, but as I've noted before, I'm fiscally conservative, and taking on 500k of debt at 43, is not the brightest thing to do.
For the record she's 30, you do the math.
Tigerlord, it's damn close, she tossed out (or rather had him toss out) his leather couch and love seat for what I describe as a "feng shui" couch.
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No, I didn't. Honest... I ran out of gas. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake....... |
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DKSDamn Kidney StonesPremium,ExMod 2002
join:2001-03-22
Owen Sound, ON
kudos:2 Reviews:
·Bell Sympatico
| reply to elwoodblues
said by elwoodblues:Huge difference, the wife is bringing something to the table, this woman strikes me as a gold digger. She also wants NOTHING to do with is friends, single/married or a couple.
BIG RED FLAG. That happened to my son. Took him straight to bankruptcy, but not until she had him cash his RRSP!
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Need-based health care not greed-based health care. |
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elwoodbluesElwood BluesPremium
join:2006-08-30
HarperLand | reply to DKS
From what I understand, "they" used the same lawyer that's handling the real estate transaction. When I questioned on the ownership "split", he said he wasn't stupid and looked up on the. Internet. |
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| reply to elwoodblues
said by elwoodblues:Not at all, I genuinely want to see this work, but as I've noted before, I'm fiscally conservative, and taking on 500k of debt at 43, is not the brightest thing to do.
For the record she's 30, you do the math.
Tigerlord, it's damn close, she tossed out (or rather had him toss out) his leather couch and love seat for what I describe as a "feng shui" couch.
It was not against you but others who talked about handing over balls or "pounding" kind of posters. There is nothing wrong about your thread or opinion. The only problem is life is not as straight as we see or assume.
Life is biatch and some learn the hard way and some never learn.
I just dislike when people say something bad should happen to this guy.
It might happen but it is none of our business...
said by elwoodblues:...
he said he wasn't stupid and looked up on the. Internet.
great. |
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LazManPremium
join:2003-03-26
canada | said by loosedobbs:It was not against you but others who talked about handing over balls or "pounding" kind of posters. There is nothing wrong about your thread or opinion. The only problem is life is not as straight as we see or assume.
Life is biatch and some learn the hard way and some never learn.
I just dislike when people say something bad should happen to this guy.
It might happen but it is none of our business...
Anyone can learn from their own mistakes... A smart man learns from someone else's...
elwoodblues  friend does not appear to the latter; at least in this situation... |
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| said by LazMan:said by loosedobbs:It was not against you but others who talked about handing over balls or "pounding" kind of posters. There is nothing wrong about your thread or opinion. The only problem is life is not as straight as we see or assume.
Life is biatch and some learn the hard way and some never learn.
I just dislike when people say something bad should happen to this guy.
It might happen but it is none of our business...
Anyone can learn from their own mistakes... A smart man learns from someone else's... There are ample examples in history that smart men have done same mistake they said they would never do. It is same with marriage and wars and politics.
Some people marry 5 times trying to correct that.
Or some marry same person 3-4 times trying to correct that. |
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