Difference between revisions of "Property and Debt in Family Law Matters"
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<blockquote>Harkamal moved in to live with Baljinder in his home in 2009, when Baljinder's home was worth $300,000; Baljinder has no mortgage.</blockquote> | <blockquote>Harkamal moved in to live with Baljinder in his home in 2009, when Baljinder's home was worth $300,000; Baljinder has no mortgage.</blockquote> | ||
<blockquote>Harkamal starts going to college in 2010 and because she's not working, she takes a personal loan to help pay for her tuition fees, lab fees and textbook costs. Baljinder keeps working while Harkamal is at school, and with his income, he pays for the property taxes, car insurance, utilities and groceries and so forth. He's also able to put some money away into RRSPs.</blockquote> | <blockquote>Harkamal starts going to college in 2010 and because she's not working, she takes a personal loan to help pay for her tuition fees, lab fees and textbook costs. Baljinder keeps working while Harkamal is at school, and with his income, he pays for the property taxes, car insurance, utilities and groceries and so forth. He's also able to put some money away into 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 | <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. | ||