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Legal Ease
Legal Ease, Lawyer
Category: Canada Law
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Experience:  Lawyer
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I am separated from my wife. The family home sold Oct 15/15.

Customer Question

I am separated from my wife. The family home sold Oct 15/15. We lived in the home for some 18 years. The home, for business reasons, was in my wife's names.
Simply, my wife has retained my 50/50 portion of the net proceeds from the sale of the home.
I need to know my legal rights with respect to the recovery of that money
Submitted: 9 months ago.
Category: Canada Law
Expert:  Legal Ease replied 9 months ago.

Are there other assets?

Customer: replied 9 months ago.
The only shared assets are the family Company. My wife owns 20%, I own 20%. the three grown up siblings own 20% each.
Only the shares owned by myself are voting shares. We live in B.C. Accordingly B.C. law will apply.
The only other shared asset 50/50 is a condo in MX for which we have always agreed that it should remain a family asset.
The family Company is real estate based with a net worth of $1.75m, backed up by the BC Assessment Authority and independent appraisals. The 50% net from the home sale is $540,000. At the time of sale my wife purchased another house for herself ... I always said to her that IF the price of the house she purchased was more than her 50% from the sale of the home that was ok as long as any of "my money" used would be secured by a 1st mortgage on her new home, no interest or payments. Again, I also gave her the option of transferring her shares in the Company to myself and any shortfall on the 50% from the home sale, could, likewise, be sured against her new home as a mortgage, no interest or payments.HOPEFULLY, THIS HELPS....
Expert:  Legal Ease replied 9 months ago.

The law in BC is clear and you both share equally in any assets acquired during the marriage. You will also share equally in the increase in value of any assets brought into the marriage. However, it is not correct to look at each asset individually. You do not say that if you own 50% of the house. Rather, the house is in her name and so she would keep all of the money from the house but, she may owe you a sum of money if she ends up with more assets at the end of the day than you have. But, you would balance this off against what you would owe her if there are assets such as shares in your name.

So, it is not that you look at each asset and divide them up but rather you total the assets in each of your names, taking half for joint assets, you subtract any debt and you subtract the value of any asset you owned at the time of the marriage. Then you compare your totals and the spouse with as the higher total pays an amount to the one with the lower total to equalize the totals.

Do you see what I mean?

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