question archive Julia and Noah were married for 13 years
Julia and Noah were married for 13 years
Subject:BusinessPrice: Bought3
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.
Calculate the following
a. Each person's net worth on valuation day.
b. Each person's net family property on valuation day.
c. Calculate the equalization payment. d
. Calculate each person new net worth after the equalisation payment.
