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If I sell the home I inherited, do I have to share the proceeds?

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Anonymous Asked:

My wife & I live in a house I inherited from my father. We still own our matrimonial home.If I sell the home I inherited, do I have to share the proceeds of my inherited home with my wife if we divorce as well as the money I have in separate accounts in my name which is inherited?
Thanks

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Your question is unclear. You have advised that you live in a home inherited from your father, yet you state that you “still own our matrimonial home.” I need to speak with you in order to clarify the situation before I provide you with proper guidance. As a general comment I can advise you that both parties are entitled to an equalization of Net Family Property, pursuant to the Family Law Act, when they separate. All assets and debts are taken into consideration. There are unique rules for matrimonial homes, and in addition persons who receive an “inheritance” can claim the inheritance as an “exclusion” if the inheritance exists on the date of separation, and the inheritance can be “traced.” These are complicated rules which I am pleased to explain to you if you telephone me. Part of the information will center on whether your inherited property is actually now a matrimonial home. You are welcome to call me at 866-557-3222 for a free consultation.

(The information provided above is general, not legal advice, as circumstances vary from case to case. As well, generally speaking, the above information relates to Ontario law. Thus, if you wish legal advice that you can rely upon for your specific case, or if you are making inquiries where Ontario law may not apply, please contact Andrew Kania for a free consultation).

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