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Money in business accounts

Posted in British Columbia, Location, Property, Vancouver by Questions on April 10, 2016

Anonymous Asked:

Most of our money is in two accounts that were created to receive income from my husband’s consulting. He owns these companies, one being Canadian, the other in the UK. I am one of two directors in these two companies. No one else is involved. He transfers money periodically for household expenses by “paying dividends. I do not work, but am in school to gain a degree for teaching. I will be finished in August.
Will I be awarded 1/2 of the monies in these accounts if we were to separate?
Or are they locked away from me since the legal belong to the companies?
Thank you.

1 Expert Comment

  1. On April 11, 2016 at 8:39 am
    Stuart Zukerman said:

    Generally, pre-marital assets will be excluded from division and awarded to the party who owned them on the date before marriage or cohabitation; however, growth in those assets from the date of marriage or cohabitation onward is presumptively to be divided 50/50. If the company was created during the marriage then you are entitled to half of the fair market value of the company regardless of whether you are a director or officer of the company.

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