BUSINESS AND FAMILY LAW 4002 At the date of separation Assignment 2: Ishika and Krish lived in the house throughout their marriage. The house is now worth Due on March 27, 2024, just prior to the start of class $500 000 . Ishika continues to own Yahoo shares, now valued at $15,000 Worth 15% of your final grade Ishika has a bank account worth $10,000. Part Two - Read the fact pattern and answer the following question. Part One: Equalization Calculation - 12 Marks This part contains one question. Show all of your steps and calculations. You must also provide Mr. and Mrs. Celery married in 2001. They own two vacant lots. Lot A is owned in joint tenancy explanations for decisions you make in the process of your calculations. Your answer should be and Lot B is held as tenants in common. Mr. Celery dies leaving a will, which says that he in paragraph form. You should refer to legislation in support of your choices, where appropriate. leaves his interest in Lot A to his son and his interest in Lot B to his daughter. Krish and Ishika married seven years ago. They have just separated. Using the following facts: a. Does the son become owner of the interest Lot A? (a) Calculate the net family property of each spouse. (b) Calculate the equalization payment and indicate who will be making it. b. Does the daughter become owner of the interest in Lot B? Krish's financial situation: At the date of the marriage Note: This is to be written in paragraph form. Be sure to provide definitions or explanations for He had $50,000 which he inherited from his mother terms used, along with examples He had a rental property worth $200,000, subject to a mortgage of $75,000 He had a stamp collection worth $10,000 During the marriage He invested his inheritance in Google At the date of separation He continues to own the rental property, which is now worth $250,000, subject to a $60,000 mortgage He continues to own Google shares, now worth $70,000. He suffered a work related accident and received 85,000 in damages He continues to own the stamp collection, now worth $5 000 Ishika's financial situation At the date of the marriage shika had a house worth $190,000, which she inherited from her father She owned $10,000 in Yahoo shares Ishika owed $25,000.00 on her Visa credit card During the marriage She and Krish lived in the house. Ishika inherited 100,000.00, which she invested in the matrimonial home