Julian and April are married out of community of property with the accrual system.

When they got married -

(a) Julian owed R50 000 in student fees to Big Bank Ltd. The value of his other assets were R10

000; and

(b) April owned a townhouse valued at R1.5M and other movable assets to the value of

R200 000.

On the date of their divorce -

(i) Julian's assets are valued at R2.9M and his liabilities amount to R1.5M; and

(ii) April's assets are valued at R2.2M and her liabilities amount to R100 000.

PLEASE NOTE

(i) Marks are awarded for explanations.

(ii) Do not take inflation into account.

Q.2.1 Calculate how much each party will receive upon their divorce. (25)

Q.2.2 Assume that Julian and April were married in community of property. How much

will they receive upon their divorce?

Skills for law calculations