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# Julia and Noah were married for 13 years. They have now separated.

Julia and Noah were married for 13 years. They have now separated.

On valuation day, Julia the following assets- the matrimonial home held jointly with Noah worth \$800,000, with a mortgage held jointly with Noah of \$400,000, investments worth \$36,000 in her name alone, and RRSP \$50,000 in her name alone. The antiques crystal bowls she bought before she was married, are now worth \$4,000.

At the date of marriage, she had a savings account of \$16,000 and a credit card debt of \$6,000. She also bought antiques crystal bowls worth \$2,000.

On valuation day, Noah owned the following assets- the matrimonial home held jointly with Julia worth \$800,000 with a mortgage held jointly with Julia of \$400,000, a stock portfolio worth \$40,000 in his name alone, RRSP \$80,000 in his name alone and antiques he had inherited from his grandfather uncle during the marriage now worth \$20,000.

At the date of marriage, he had savings of \$18,000 and student debt of \$12,000.

6

Calculate the following-

Note you MUST show ALL your workings to get full marks.

a. Each person’s net worth on valuation day. (2 marks)

b. Each person’s net family property on valuation day. (6 marks)

c. Calculate the equalization payment. (2 marks)

d. Calculate each person new net worth after the equalisation payment. (4 marks)

Solution

Marriage day net worth

Husband (Noah),

Savings = \$18,000

Student debts = \$12,000

Total = \$6,000

Wife (Julia)

Savings = \$16,000

Credit card debit = \$6,000

Antiques crystal = \$2,000

Total = \$12,000

Valuation day net worth

Husband (Noah)

Matrimonial home owned jointly (\$800,000) = +\$400,000

Mortgage held jointly (\$400,000) = -\$200,000

Stock portfolio = \$40,000

RRSP = \$80,000

Antiques inherited = \$20,000

\$400,000 + \$40,000 + \$80,000 + \$20,000 – \$200,000

Total = \$340,000

Wife (Julia)

Matrimonial home owned jointly (\$800,000) = \$400,000

Mortgage held jointly (\$400,000) = -\$200,000

Investment = \$36,000

RRSP = \$50,000

Antiques crystal bowls = \$4,000

\$400,000 + \$36,000 + \$50,000 + \$4,000 – \$200,000

Total = \$290,000

• Net worth

Noah

Matrimonial home owned jointly (\$800,000) = +\$400,000

Mortgage held jointly (\$400,000) = -\$200,000

Stock portfolio = \$40,000

RRSP = \$80,000

Antiques inherited = \$20,000

\$400,000 + \$40,000 + \$80,000 + \$20,000 – \$200,000

Total net worth for Noah = \$340,000

Julia

Wife (Julia)

Matrimonial home owned jointly (\$800,000) = \$400,000

Mortgage held jointly (\$400,000) = -\$200,000

Investment = \$36,000

RRSP = \$50,000

Antiques crystal bowls = \$4,000

\$400,000 + \$36,000 + \$50,000 + \$4,000 – \$200,000

Total net worth for Julia = \$290,000

• Net Family Property

Noah

Valuation day = \$340,000

Marriage day = \$6,000

\$340,000 – \$6,000 = \$334,000

Net Family Property for Noah = \$334,000

Julia

Valuation day = \$290,000

Marriage day = \$12,000

\$290,000 – \$12,000 = \$278,000

Net Family Property for Julia = \$278,000

• The equalization payment

Julia’s Net Family Property (NFP) = \$278,000

Noah Net Family Property = \$334,000

Julia has a lower Net Family Property hence is entitled to one-half the difference between the two amounts.

That is, (\$334,000 – \$278,000) / 2 = \$28,000

Noah must pay Julia \$28,000.

Equalization payment = \$28,000.

• Julia = Net worth + \$28,000

\$290,000 + \$28,000 = \$318,000

Julia’s net worth after equalization payment = \$318,000

Noah = Net worth – \$28,000

\$340,000 – \$28,000 = \$312,000

Noah’s net worth after equalization payment = \$312,000

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