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Difference between revisions of "Property and Debt in Family Law Matters"
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Property and Debt in Family Law Matters (view source)
Revision as of 22:43, 20 March 2013
, 22:43, 20 March 2013→Dividing Property and Debt: An Example
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<blockquote>Harkamal and Baljinder separate in 2013. When they separate, Harkamal owes $12,000 for her personal loan, Baljinder's house is worth $400,000 and Baljinder has saved $30,000 in RRSPs.</blockquote> | <blockquote>Harkamal and Baljinder separate in 2013. When they separate, Harkamal owes $12,000 for her personal loan, Baljinder's house is worth $400,000 and Baljinder has saved $30,000 in RRSPs.</blockquote> | ||
In this example, Baljinder's house is his excluded property. It was worth $300,000 when Harkamal began living with him, and it has increased in value by $100,000. | In this example, Baljinder's house is his ''excluded property''. It was worth $300,000 when Harkamal began living with him, and it has increased in value by $100,000. | ||
The family property is the RRSPs that Baljinder saved, plus the increase in value of Baljinder's house during the relationship. | The ''family property'' is the RRSPs that Baljinder saved, plus the increase in value of Baljinder's house during the relationship. | ||
The family debt is Harkamal's loan which was incurred entirely during the parties' relationship and is now up to $12,000. | The ''family debt'' is Harkamal's loan which was incurred entirely during the parties' relationship and is now up to $12,000. | ||
Baljinder would get: | Baljinder would get: | ||
