Solution-Explain the property division under ontario law

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:

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

Reference no: EM133205310

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Explain the property division under ontario law

Reference no: EM133205310

Reference no: EM133205310

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