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Debra
Debra, Lawyer
Category: Canada Law
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Experience:  Lawyer
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My husband has received a $200,000 inheritance. He is

Customer Question

My husband has received a $200,000 inheritance. He is putting this into a trust account and then using as a down payment on a cabin which we will have a joint $200,000 mortgage on. Does this mean the down payment is not considered a marital assest
Submitted: 12 months ago.
Category: Canada Law
Expert:  Debra replied 12 months ago.

Thank you for this question. Are you are you saying that both of your names will be on title?

Customer: replied 12 months ago.
His name is ***** ***** on title but we will have joint mortgage
Expert:  Debra replied 12 months ago.

Why does he want his name to be on the cabin alone and why would your name be on the mortgage if the cabin is not in your name too?

Customer: replied 12 months ago.
Sorry his name is ***** ***** on purchase of sale. We have secured a mortgage. Still need final appraisal of property before complete sale
Expert:  Debra replied 12 months ago.

So his name is ***** ***** be on the title alone and I am asking why that is the case.

And I am also asking why your name would be on the mortgage if the property is not going into your name as well.

Customer: replied 12 months ago.
I am not sure. Is the purchase of sale the same thing as title?
Expert:  Debra replied 12 months ago.

No but he is the only one that bought it.

I am thinking he is trying to protect his inheritance in case you separate. I assume he was told that the funds will be traced if kept separate.

But actually he is making a mistake and if your name is ***** ***** mortgage then he has not kept this separate at all. No court will say he gets to keep the inheritance but you get stuck with half the debt.

So while a inheritance is not shared in most cases it is shared if it gets mingled with matrimonial property and with your name on the mortgage it is most likely the case that this would say the funds have been mingled and the cabin is matrimonial property.

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Expert:  Debra replied 12 months ago.

Do you need any more help from me at this point?

Customer: replied 12 months ago.
No thank you. No further correspondence required
Expert:  Debra replied 12 months ago.

Then please rate me so that I can receive credit for my work. At this point in time the site is still holding my portion of what you paid them.

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