Monetary gifts can’t become loans just because the marriage is over
A recent Ontario Court of Appeal decision highlights the importance of detailing on paper any significant financial transactions with family members, Toronto family lawyer Jennifer Samara Shuber tells AdvocateDaily.com.
“It’s vital to be very clear on the nature of what that payment is at the time it is made because you’re not going to be able to redefine it at a later date,” says Shuber, a lawyer with Beard Winter LLP.
In the appeal court matter, following the dissolution of the marriage, the wife and her parents tried to have monies advanced by the parents to pay off the mortgage on the couple’s home determined a loan.
By Kathy Rumleski, AdvocateDaily.com Contributor | AdvocateDaily.com
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