Explain the property division under ontario law

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Reference no: EM133205310

Mike and Vanessa separated June 15, 2021.  Vanessa has come to you for assistance in determining how their assets will be divided.

Mike and Vanessa have decided to sell the matrimonial home and will split the proceeds from the sale equally. 

The following is a list of their other assets:

Asset

Value at date of marriage  July 20, 2008and other information

Value at date of  separation June 15, 2021

Joint bank account

Each put $5,000 in their joint bank account

$14,000

Mike's Car

Purchased during marriage

$7,000

Vanessa's Non-registered Investment Account

See Note 1 below

$175,000

Mike's RRSP

$35,000

$165,000

Mike's TFSA

First contribution in 2013

$50,000

Vanessa's RRSP

First contribution in 2015

$55,000

Vanessa's TFSA

First contribution in 2015

$60,000

Note 1:   Vanessa inherited $175,000 from her Mom when she died. Vanessa put these funds in a Non-registered Investment Account.  Vanessa has not added any other funds to the Non-registered Investment Account and has sole direction over the investment decisions and withdrawal amounts for this account. 

Required:

  1. Calculate how much Mike and Vanessa will each get using property division under Ontario law.

Reference no: EM133205310

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