Meredith Peters and Sebastian Bunsen were married for 10 years and separated recently. Each one of...

Transcribed Image Text:

Meredith Peters and Sebastian Bunsen were married for 10 years and separated recently. Each one of them has two children from previous marriages, but they have no children together from this marriage. Meredith is a senior VP of Quality Control at a large auto parts manufacturer in Hamilton, where they live. She has a base salary of $250,000 p.a. plus bonuses and stock options, excellent benefits and a defined contribution pension plan. Sebastian is a manager of a not-for-profit. His salary is $70,000 p.a. with no benefits and no pension plan. When Meredith and Sebastian got married 10 years ago, she was living in a house inherited from her grandparents. They lived there with his two children for two years, and then bought the house that they lived in until the separation and that Meredith is still living in. She continues to own the house she inherited and has rents it to McMaster University students. The following table lists all their assets and liabilities, leaving aside items such as clothing, furniture and household equipment. They have agreed upon division of all the household things in a friendly way, and indeed they remain on good terms. Date of Value: Inherited house Purchased house Joint bank accounts His bank account Her bank account His RRSP Her RRSP His car Her car His credit card balance owing Her credit card balance owing Her pension Mortgage on bought home Required Value of Assets and Liabilities: Meredith and Sebastian Date inherited Purchase date $450,000 Marriage date $600,000 24,000 5,000 10,000 10,000 0 0 200,000 $1,000,000 800,000 Separation date $750,000 $1,400,000 10,000 0 0 80,000 20,000 10,000 25,000 2,000 6,000 700,000 400,000 How will the assets and liabilities be divided between Meredith and Sebastian under the Family Law Act? They have disclosed everything honestly. Meredith Peters and Sebastian Bunsen were married for 10 years and separated recently. Each one of them has two children from previous marriages, but they have no children together from this marriage. Meredith is a senior VP of Quality Control at a large auto parts manufacturer in Hamilton, where they live. She has a base salary of $250,000 p.a. plus bonuses and stock options, excellent benefits and a defined contribution pension plan. Sebastian is a manager of a not-for-profit. His salary is $70,000 p.a. with no benefits and no pension plan. When Meredith and Sebastian got married 10 years ago, she was living in a house inherited from her grandparents. They lived there with his two children for two years, and then bought the house that they lived in until the separation and that Meredith is still living in. She continues to own the house she inherited and has rents it to McMaster University students. The following table lists all their assets and liabilities, leaving aside items such as clothing, furniture and household equipment. They have agreed upon division of all the household things in a friendly way, and indeed they remain on good terms. Date of Value: Inherited house Purchased house Joint bank accounts His bank account Her bank account His RRSP Her RRSP His car Her car His credit card balance owing Her credit card balance owing Her pension Mortgage on bought home Required Value of Assets and Liabilities: Meredith and Sebastian Date inherited Purchase date $450,000 Marriage date $600,000 24,000 5,000 10,000 10,000 0 0 200,000 $1,000,000 800,000 Separation date $750,000 $1,400,000 10,000 0 0 80,000 20,000 10,000 25,000 2,000 6,000 700,000 400,000 How will the assets and liabilities be divided between Meredith and Sebastian under the Family Law Act? They have disclosed everything honestly.

Answer rating: 100% (QA)

To determine how the assets and liabilities would be divided between Meredith and Sebastian under the Family Law Act well need to follow the principle... View the full answer