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Difference between revisions of "Basic Principles of Property and Debt in Family Law"
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Basic Principles of Property and Debt in Family Law (view source)
Revision as of 21:21, 4 March 2015
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Perhaps most importantly, under s. 85(1)(g), excluded property includes property bought during the relationship with excluded property. Say, for example, that a spouse receives an inheritance of $10,000 and buys a collection of vintage Pyrex. The Pyrex collection would be that spouse's excluded property because it was bought with excluded property, even if the Pyrex collection was used in the day-to-day course of the couple's life together. Remember, whether something was "ordinarily used for a family purpose" is not a consideration under the ''Family Law Act''. | Perhaps most importantly, under s. 85(1)(g), excluded property includes property bought during the relationship with excluded property. Say, for example, that a spouse receives an inheritance of $10,000 and buys a collection of vintage Pyrex. The Pyrex collection would be that spouse's excluded property because it was bought with excluded property, even if the Pyrex collection was used in the day-to-day course of the couple's life together. Remember, whether something was "ordinarily used for a family purpose" is not a consideration under the ''Family Law Act''. | ||
However, where a married person puts what would be excluded property in the name of the other spouse, it may be that the excluded property becomes family property. Similarly, where a parent gives money or property during the relationship it is open to the son-in-law or daughter-in-law, or the common law spouse, to argue that it was a gift to the couple and is not excluded property. | |||
====Taking stock at the beginning of a relationship==== | ====Taking stock at the beginning of a relationship==== | ||
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*shows the dates and amounts of any inheritances, gifts, court awards and insurance proceeds received during the relationship, | *shows the dates and amounts of any inheritances, gifts, court awards and insurance proceeds received during the relationship, | ||
*tracks money received from the sale of excluded property, and what you did with the money, particularly if the money was pooled with your spouse's money to buy something, | *tracks money received from the sale of excluded property, and what you did with the money, particularly if the money was pooled with your spouse's money to buy something, | ||
*tracks property bought in exchange for excluded property, and | *tracks property bought in exchange for excluded property, | ||
*shows the intent of any gift or transfer of property, and | |||
*records any changes in the value of excluded property during the relationship. | *records any changes in the value of excluded property during the relationship. | ||
