Introduction to Family Property

Introduction to Family Property - Introduction to Family...

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Professor B. Hovius * Covered by statutory rules * Part I of Family Law Act (FLA) imposes deferred, equal sharing of economic gain during marriage * Part II of FLA imposes special rules for matrimonial homes (MH) * Spouses have equal right to possession unless separation agreement or court order specifies otherwise * Restrictions on dealings with MH Equal Sharing * Marriage = Economic Partnership * Recognize past contributions * Past contributions considered equal, regardless of their nature (s. 5(7) FLA) * Limited judicial discretion to deviate from equal sharing of financial product of marriage (s. 5(6) FLA) Sharing is Deferred * Sharing is deferred until end of relationship (usually separation or death) * Separate property during relationship * BUT…. MH (Pt II FLA) Equal Sharing * Gain attributed to partnership is shared equally * BUT limited discretion to deviate * S. 5(6) FLA Sharing of Economic Gain
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Introduction to Family Property - Introduction to Family...

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