7,388
edits
Difference between revisions of "Basic Principles of Property and Debt in Family Law"
Jump to navigation
Jump to search
Basic Principles of Property and Debt in Family Law (view source)
Revision as of 21:21, 4 March 2015
, 21:21, 4 March 2015→Excluded property
Audrey Jun (talk | contribs) (→Links) |
Nate Russell (talk | contribs) |
||
| Line 236: | Line 236: | ||
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==== | ||
| Line 262: | Line 264: | ||
*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. | ||