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Answered in 1 minute by:
5/3/2012
Copperlaw, Lawyer
Category: Canada Law
Satisfied Customers: 2,405
Experience: Lawyer and Retired cop. Drug expert, breath tech, negotiator, traffic specialist. Criminal, Family, Civil and others.
VerifiedCopperlaw :
Hi Joe
Copperlaw :
Good question. I understand your confusion with regards XXXXX XXXXX these pieces of property.
Copperlaw :
These items would typically be entered on a financial statement showing the value of the asset and then separately, the value of the debts
Copperlaw :
In your case, you have a truck worth X (if you bought it for $35,000 it may be worth less now but lets assume for now, the truck is worth 35K)
Copperlaw :
but you have a debt worth $30,000
Copperlaw :
So your net property value in this case would be $35000 - $30000 or $5000
Copperlaw :
Hers, she has a car worth $10,000, with no debt assigned to it
Copperlaw :
Therefore, her net property value in this regard would be $10,000 - $0 or $10,000
Copperlaw :
so we add them both, get $15,000 and equalize it between you so you each get $7500 of the marital property
Copperlaw :
So since you already have 5K and she has 10K, she owes you $2500 to balance out
Copperlaw :
It would work this way for all property, investments, accounts, credit debts, loans, RRSPs, etc etc etc
Copperlaw :
in the end you compare the two net family property values and then equalize them.
Customer:
thank you!!!!
Copperlaw, Lawyer
Category: Canada Law
Satisfied Customers: 2,405
Experience: Lawyer and Retired cop. Drug expert, breath tech, negotiator, traffic specialist. Criminal, Family, Civil and others.
VerifiedCopperlaw and 87 other Canada Law Specialists are ready to help you
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