Monday, July 22, 2013
But I Bought this Before I Even Knew You: Assets Acquired Before the Relationship
Week Three: Previously Acquired Property
by Kimberly D. A. Soul and Alison L. Bennet
All property and the increase or decrease in value of this property, acquired in contemplation of a relationship or during a relationship are shareable. The value to be shared is the value as at the date of separation.
Only the increase or decrease in value during the relationship of pre acquired property is shareable. For example, prior to the commencement of a relationship one party has an RRSP worth $10,000.00. At the end of the relationship, on the date of separation, the party’s RRSP is worth $25,000.00. The increase in value, $15,000.00, is shareable between the parties in the overall accounting.
Often one party owns real estate prior to commencing a relationship. If the real estate remains in the sole name of that person only the increase in value of the property is shareable. For example Party A owns a home in his/her own name prior to commencing a relationship with Party B. Party B moves into the home and lives with Party A for 10 years. Party B is entitled to one half of the increase in the property value during those 10 years. In addition, Party B has Homestead Rights in the property. See The Homesteads Act of Manitoba.
Previous Posts
Archives
- June 2021
- January 2021
- October 2020
- May 2020
- April 2020
- March 2020
- October 2019
- April 2018
- January 2018
- November 2017
- January 2017
- April 2016
- March 2016
- February 2016
- December 2015
- February 2015
- August 2014
- April 2014
- October 2013
- September 2013
- August 2013
- July 2013
- June 2013
- May 2013
- April 2013
- February 2013
Topics
- access
- child support
- collaborative law winnipeg
- common-law couples
- coronavirus
- COVID-19
- custody
- dividing assets and debts
- divorce lawyers winnipeg
- family law Manitoba
- family law Winnipeg
- family lawyers winnipeg
- Manitoba lawyers
- news
- parenting plans
- pensions
- property
- spousal support
- wills
- winnipeg lawyers
Notice to Readers:
The articles on our website are for general information purposes only, and are not intended to be complete or exhaustive descriptions of the law. The articles and comments should not be relied on as legal advice or opinion. The articles are current only as at the date they are posted on the website, and the law is subject to change without notice. If you require legal advice or opinion on your own unique fact situation, we would be pleased to offer you our assistance and we invite you to contact us.
