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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 02:52, 19 April 2013
, 02:52, 19 April 2013→Excluded property
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*property held in a trust that was contributed by someone else. | *property held in a trust that was contributed by someone else. | ||
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 spouse's excluded property because | 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''. | ||
====Taking stock at the beginning of a relationship==== | ====Taking stock at the beginning of a relationship==== | ||
As you can see, it's rather important to know what you owned when you and your spouse began to live together. If you are just starting a relationship, here's what you do. Gather the documents listed below for the period | As you can see, it's rather important to know what you owned when you and your spouse began to live together. If you are just starting a relationship, here's what you do. Gather the documents listed below for the period that spans the date on which you and your spouse began to live together or got married, whichever is earlier: | ||
*statements for all financial accounts, including savings accounts, investment accounts, RRSP accounts and other retirement savings accounts, | *statements for all financial accounts, including savings accounts, investment accounts, RRSP accounts and other retirement savings accounts, | ||
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====Keeping track during a relationship==== | ====Keeping track during a relationship==== | ||
It's also important that you keep track of new excluded property acquired during your relationship and what's going on with the excluded property you brought into the relationship. It may be easiest to keep a journal that: | It's also important that you keep track of new excluded property acquired during your relationship, and what's going on with the excluded property you brought into the relationship. It may be easiest to keep a journal that: | ||
*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, | ||