Question 4: Marriage Breakup

Igor and Angela were married in 2005, separated in 2011, and divorced recently. At the time of marriage, each had some investments and personal assets. They both worked during the marriage, kept separate bank accounts, bought a house with an interest-free loan from Igor's father. Igor inherited $20,000 from his uncle, which he used to pay off their student loans.They provided the following balance sheets as of the dates of marriage and as of separation:

Assets:At MarriageAt Separation

Bank Accounts (Angela's)$5,000 $10,000

Mutual Funds (Angela's name)$30,000 45,000

Stock portfolio (Igor's name) 150,000180,000

Bond portfolio (Igor's name)50,00040,000

Cars (Igor's $5,000, Angela's $8,000)23,00013,000

House (joint)350,000

Personal Assets8,00010,000

Liabilities:

Credit Cards 10,000

Loan from Igor's father50,000

Mortgage from bank on the house230,000

Angela lost $25,000 in a casino in 2009, but she hid the fact from Igor. Igor later found out and is very angry that Angela still owes a mutual friend $10,000. The friend loaned her the money at that time to pay off the loan shark at the casino.

Required:

What and how much will each get, according to the Ontario Family Law Act? (20 marks)