Gifts

[mememe]

I would like to confirm that a gift given by a parent that is used to purchase or fix up a house cannot be excluded.

[Exquizique]

Cannot be excluded from ... what?

[Janus]

Cannot be excluded from ... what?

...presumably equalization.

[standing on the sidelines]

I would like to confirm that a gift given by a parent that is used to purchase or fix up a house cannot be excluded.

my mom gave me some money when the ex and I bought the house. It was an early inhertience and the check was made out to me. I was told that once i used it on the joint marital home it became co-mingled and therefore I lost the value of that gift.

[Hatingit]

To fix up a marital home? Or to buy/fix an investment property?

Could it have been a loan? Any documentation etc?

We need more details.

[mememe]

He identified on a letter from his lawyer what we used it for: fixing the marital home and buying furniture for the marital home. He also included money his mom gave him for building the office (which he still works in even though we sold it....he is still getting the benefit of that).

excluded for equalization purposes--still not good with the lingo after all these years.

[cashcow4ex]

I would believe that since you pooled that money in with the household income, that it is gone.

You would have had to keep it seperate from the household money.

[mememe]

thanks, that is what I have read. My issue is comingling of inheritance not used to buy anything matrimonial.

[Rioe]

You received a monetary gift and bought a car that you were the only one to drive? Exempted.

You received a monetary gift and bought a minivan that the entire family used? Comingled and divided.

You received a monetary gift and bought a special piece of jewelery for yourself? Exempted.

You received a monetary gift and bought a fancy motorcycle for your ex? Exempted on HIS part!

You received a monetary gift and renovated the basement of the matrimonial home? Comingled and divided.

You received a monetary gift and put it into your spousal RRSP? Comingled and divided.

You received a monetary gift and put it in a separate investment account in your name? Exempted.

[mememe]

thanks. I was surprised that they listed the gifts and what they went towards. What would there angle be???? His mother gave us money and......... ? I have questioning coming up. If his lawyer says his mother gave money---I would like to tell the lawyer I saved his mother money. He wanted to go on LTD 3 years into the marriage--but he likes finer things in life, and like his sibling----he would be getting money from his mom.

Anyone experience something where this "gifting" is used against them?

[DowntroddenDad]

thanks. I was surprised that they listed the gifts and what they went towards. What would there angle be???? His mother gave us money and......... ? I have questioning coming up. If his lawyer says his mother gave money---I would like to tell the lawyer I saved his mother money. He wanted to go on LTD 3 years into the marriage--but he likes finer things in life, and like his sibling----he would be getting money from his mom.

Anyone experience something where this "gifting" is used against them?

I think the determining factor is "mingling".

My dad gave us some money for the downpayment, it was combined with my income to make the downpayment and buy the house. Mingled.

My ex inherited when he dad passed, and kept it in a separate investment - not mingled, exempt from asset splitting.

[Rioe]

thanks. I was surprised that they listed the gifts and what they went towards. What would there angle be????

You're supposed to list all your assets, exempted or not. It's called FULL financial disclosure. The ones that are gifts and inheritances just get subtracted again later.