The Rural Voice, 1987-03, Page 54Listowel 291-1251 Goderich 524-2677
290 Wallace Ave., N.
Pannell
Kerr
MacGillivray
Chartered Accountants
40 The Square
PARTNERS
M.J. Hoyles, C.A. R.E. Takalo, C.A.
N. MacDonald Exel, C.A.
MANAGERS
E. Knowlton, C.A. L.M. Gagnon, C.A.
R. McLeod, C.A.
SPECIAL FACTORY CLEARANCE
& MILL END PRICES YEAR ROUND
Our factory outlet features
the largest selection of
hand -knitting and craft yarns
in western Ontario.
Yarns Limited
152 Main Street West, Listowel
519.291.3951
OPEN MON.-FRI. 9:00 • 6:00
SAT. 9:00 - 5:30
WALLACE AVE. N.
TO KITCHENER
WATERLOO
HWY 19
HWY 13N
TO STRATFORD
SPINRITE
• STORE
FACTORY
• TOURS
LII GSTONE AVL. S
TO N /.NGHA.N
K.G. JOHNSON LTD.
St. Jacobs, Ontario NOR 2N0 519-664.2277
r �
,i�ledata,
ULTRASOUND PREGNANCY TESTER
Call or Write Today For 1986 Price List
Ontario
Bob Gillies Ayr
Chris Hills Seaforth
519-632-7368
519-527-1913
52 THE RURAL VOICE
ADVICE
PROPERTY AND THE
FAMILY LAW ACT
The Family Law Act, which came
into effect March 1, 1986, changed the
ways assets are divided if a spouse dies
or a marriage breaks down. Basically,
the act states that when a marriage
ends, each spouse is entitled to half of
the value of the property acquired
during the marriage.
All net family property accu-
mulated during the marriage must be
valued at the date the marriage ends.
Net family property is the value of all
the property owned less:
• the spouse's debts on valuation date,
• the value of the property (other than
the matrimonial home) owned by the
spouse on the date of marriage less the
spouse's debts on the date of marriage,
• the value of property (other than the
matrimonial home) that was acquired
by gift or inheritance from a third par-
ty after the date of marriage, calculated
as of the date it was acquired,
• income (including capital gains) from
a gift or inheritance that the donor or
testator has expressly stated is to be
excluded from net family property,
calculated as of the date the income is
received,
• damages received for pain and
suffering, etc. as of the date of receipt,
• an amount received by the spouse as
a beneficiary under a life insurance
policy entered into by the other spouse
or a third party, calculated as of the
date of receipt,
• the value of property that the spouse
has agreed by domestic contract is not
to be included in net family property.
The matrimonial home will always
be considered part of the net family
property of the spouse in whose name
the property is registered, regardless of
how and when it was acquired.
There are, however, other methods
of equalizing assets besides dividing
the value of the property. They in-
clude the transfer of property, install-
ment payments (for up to ten years),
or a share of the profits.
And the court may award a spouse
more or less than half of the difference
between the net family property of the
two spouses.
A marriage contract can override
the act except where the court sets
i