Captol gains tax when property is in joint names

Hi about three years ago our financial instition whom provided the funds for our investment property insisted that my wife name goes on the documents. In order to get the funds we agreed. My wife and I have now split and we are looking to sell the investment property. We have agreed to split the proceeds 50% each which is no drama however the property is 10% in my (Ex) wifes name and 90% mine. I suspect the property will not sell until next finacial year. Could I be stuck with 90% of the capitol gains tax or is their a way i can sort this out 50%.

Appreciate comments
 
We have agreed to split the proceeds 50% each which is no drama however the property is 10% in my (Ex) wifes name and 90% mine. I suspect the property will not sell until next finacial year. Could I be stuck with 90% of the capitol gains tax or is their a way i can sort this out 50%.
I think legally, you will be up for 90% of the cgt as you have assumed (check this out with accountant/solicitor) but it appears you and your ex are at least doing things amicably. If this is the case, could you not explain the situation to her and (hopefully) agree to split the cgt 50-50 as well.

If she is in agreeance, perhaps get it in writing (solicitor) asap.

Regards
Marty
 
Capital gains are split according to legal ownership. You will receive 90% of the gain in your own name. You'd better find out if your agreement will take that into account.
 
Hi about three years ago our financial instition whom provided the funds for our investment property insisted that my wife name goes on the documents. In order to get the funds we agreed. My wife and I have now split and we are looking to sell the investment property. We have agreed to split the proceeds 50% each which is no drama however the property is 10% in my (Ex) wifes name and 90% mine. I suspect the property will not sell until next finacial year. Could I be stuck with 90% of the capitol gains tax or is their a way i can sort this out 50%.

Appreciate comments

Names on which documents ... loan or property title ?

Cheers,

Rob
 
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