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Difference between revisions of "Dividing Property and Debt in Family Law Matters"
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Dividing Property and Debt in Family Law Matters (view source)
Revision as of 20:28, 9 June 2016
, 20:28, 9 June 2016→Dividing property and debt under the Family Law Act
Nate Russell (talk | contribs) |
Nate Russell (talk | contribs) |
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::*inheritances, | ::*inheritances, | ||
::*gifts from a third party, | ::*gifts from a third party, unless they are gifts to both spouses, | ||
::*certain court awards, | ::*certain court awards, | ||
::*certain insurance payments, | ::*certain insurance payments, | ||
::*certain trust property. | ::*certain trust property, and | ||
::*excluded property which is then gifted by one spouse to the other. | |||
<blockquote>Property | <blockquote>Property that you got ''before your relationship'' is generally excluded property that only you will keep, unless you have gifted it to your spouse. The increase in the value of the property you brought into the relationship is ''family property'' even where the original amount remains excluded. You will likely remain responsible for debt you brought into the relationship.</blockquote> | ||
'''Step Six''' | '''Step Six''' | ||
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::*What was the value of each asset on the date you began to live together or got married, whichever came first? | ::*What was the value of each asset on the date you began to live together or got married, whichever came first? | ||
::*For property acquired during the relationship, when did you acquire each asset and what was it worth when you received it? | ::*For property acquired during the relationship, when did you acquire each asset and what was it worth when you received it? | ||
::*Was it a gift to you or you and your spouse together? | |||
::*What did you do with your property during your relationship? Is it still around? Did you sell it and buy something else? | ::*What did you do with your property during your relationship? Is it still around? Did you sell it and buy something else? | ||
::*Did you gift it to your spouse? | |||
::*Do you still have any debts from before your relationship started? If so, how much did you owe on the date you began to live together or got married, whichever was first? | ::*Do you still have any debts from before your relationship started? If so, how much did you owe on the date you began to live together or got married, whichever was first? | ||
::*Have you incurred any new debt after the date of your separation? Did you add to any debts incurred during your relationship after separation? If so, how much new debt have you racked up? | ::*Have you incurred any new debt after the date of your separation? Did you add to any debts incurred during your relationship after separation? If so, how much new debt have you racked up? | ||