Makesha and Damien were married for 9 years. They have now separated. On valuation day, Makesha owned the following assets:-a house owned jointly with Damien worth $600,000, which has a mortgage held jointly of $200,000 investments in her name only worth $80,000 and RRSP in her name only worth $40,000 and the silver antique tea pot she bought before she was married is now worth $20,000. At the date of marriage she had saving of $15,000 and student debt of $11,000.She also bought a silver antique tea pot before she was married, which on date of marriage was worth $10,000. On valuation date, Damien owned the following assets; a house owned jointly with Makesha worth $600,000, which has a mortgage held jointly of $200,000, a stock portfolio in his name only worth $190,000, RRSP in his name only worth $80,000, and an antique painting he had inherited from his aunt during the marriage worth $45,000. At the date of marriage, he had savings of $10,000 and a debt of $4,000.

Calculate the following, please show steps.

a. Each person's net worth as at valuation date.

b. Each person's net family property.

c. Calculate the equalization payment.

d. Calculate each person's net worth after the equalisation payment.

Answer rating: 100% (QA)

a Determination of each persons net worth as ar valuation date makeshas ne... View the full answer