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nfp and valuing items prior to marriage

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  • nfp and valuing items prior to marriage

    i have listed the items i had prior to marriage and put the values of them down in the nfp.they are very realitic to as what they were worth at the time. the problem i have is the other side is saying that they don't count as they are estimates of value.

    what paper work do i have to get to prove this is what they were worth?

    i have pictures of everything i had to prove they existed

  • #2
    Its is s tactic. If all you have are estimates and you have reasonable grounds for your estimates and can explain them in front of a judge, then you are fine.

    The things you have before marriage are not counted in the equalization unless they gain in value, and even then you only split the gain in value. If you had a collectable car worth $10,000 when you married, and it was worth $15,000 on the day of separation, you would add $5000 to the assets to be equalized.

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    • #3
      The things you have before marriage are not counted in the equalization unless they gain in value
      Value on the marriage day reduces net family property.

      If you get married with 10k in assets (and no debt), and separate with 20k in assets (with no debt), NFP = (20k - 10k) = 10k.

      If various items no longer exist, but had a value on the marriage date, that value is of significance.

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      • #4
        Thats interesting.

        So if I had a car on the wedding day, and sold the car to buy another, I would subtract the value of the car I owned on my wedding day. Hmm my lawyer and my accountant both missed that one.

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        • #5
          So if I had a car on the wedding day, and sold the car to buy another, I would subtract the value of the car I owned on my wedding day.
          Right. If Car M was worth 1k on marriage date and Car S was worth 10k on separation date, then you have gone from having 1k in assets to having 10k in assets; a gain of 9k. Therefore, NFP = (10k - 1k) = 9k.

          Value is value, regardless of whether it is in the form of a pile of money (1k loonies), or an asset, or stocks, or property.

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