Announcement

Collapse
No announcement yet.

Complicated Excluded Property Situation

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Complicated Excluded Property Situation

    Just wondering what people think about this situation.


    Husband inherits $750k, puts the money into joint family account. Six months later he buys an expensive car, pays for it from the same account.


    I have read that judges will allow some leeway on this matter, especially given that he has walked away from the remaining $650k, and the joint account was 'just used to hold the funds while he looked for the right car'.



    Second level of complication; fast forward a few years, he then buys a second expensive car, more expensive that #1 and again pays for #2 from the same joint account. Six months after he buys car #2 he sells car #1 and deposits the proceeds back into the same account. Car #2 was significantly more expensive, and he spent about $15,000 on improvements during the marriage.



    Now, ten years later, he claims that car #2 is excluded...that he can trace the funds from inheritance, to joint account, to car #1, to car #2.



    Opinions?

  • #2
    Sounds like the start of a law school exam...and it is April....

    Get back to work!

    Comment


    • #3
      Law schools don't teach family law. This fact is evidenced by the complete dearth of knowledgeable family law lawyers.


      Also, if they taught the truth about family law no one would practice it.

      Comment


      • #4
        Haha, then what the heck did I study?

        You’re right that law school family law doesn’t prep you for practice. But it isn’t supposed to.

        Comment


        • #5
          I’m not sure of the question? The full inheritance is excluded or it isn’t. It probably was ruled not excluded because he put it in the joint account.

          Comment


          • #6
            Exclusions are not all or none. The bulk of the inheritance is joint property, that's clear.


            Is there a case to exclude the second car?

            Comment


            • #7
              I was under the impression an inheritance during the marriage and shared jointly IS a matrimonial asset. If it was received AFTER split then it is untouchable. Maybe thats how it should be approached?

              Comment


              • #8
                Originally posted by rockscan View Post
                I was under the impression an inheritance during the marriage and shared jointly IS a matrimonial asset. If it was received AFTER split then it is untouchable. Maybe thats how it should be approached?

                I guess it was unclear:



                The inheritance, and the two car purchases occurred during the marriage. After the marriage ended the husband claims car #2 is excluded property.

                Comment


                • #9
                  I think you already won if he was simple enough to not sequester an inheritance. Splitting hairs?

                  Comment


                  • #10
                    The decision to dispute the car has not been made. If there's a legitimate claim then it's a moot point.


                    But in family law splitting hairs is the norm.

                    Comment

                    Our Divorce Forums
                    Forums dedicated to helping people all across Canada get through the separation and divorce process, with discussions about legal issues, parenting issues, financial issues and more.
                    Working...
                    X