George and Grace married seven years ago.They have just separated. Using the following facts:

(a)Calculate the net family property of each spouse.

(b)Calculate the equalization payment, and indicate who will be making it.

George's financial situation:

At the date of the marriage

He had $50,000 which he inherited from his mother

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 shares

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

Grace's financial situation

At the date of the marriage

Grace had a house worth $190,000, which she inherited from her father

She owned $10,000 in Yahoo shares

Grace owed $25,000.00 on her Visa credit card

During the marriage

She and George lived in the house.

Grace inherited 100,000.00, which she invested in the matrimonial home.

At the date of separation

Grace and George lived in the house throughout their marriage.The house is now worth $500,000

Grace continues to own Yahoo shares, now valued at $15,000

Grace has a bank account worth $10,000.