Difference between revisions of "Property and Debt in Family Law Matters"

Property and Debt in Family Law Matters (view source)

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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>
-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 debt'' is Harkamal's loan which was incurred entirely during the parties' relationship and is now up to $12,000.
-The ''family property'' is the RRSPs that Baljinder saved, plus the increase in value of Baljinder's house during the relationship.
+Boiling this all down, Baljinder would get:
-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:
 #$300,000 as the value of the home he brought into the relationship;