Create a balance sheet, Cost Accounting

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 Igorâ€TMs father. They provided the following balance sheets as of the dates of marriage and as of separation:

Assets:                                                                                     At Marriage     At Separation

Bank Accounts (Angelaâ€TMs)                                                      $5,000            $10,000

Mutual Funds (Angelaâ€TMs name)                                              $30,000           45,000

Stock portfolio (Igorâ€TMs name)                                                 150,000          180,000           

 Bond portfolio (Igorâ€TMs name)                                                 50,000            40,000         

Cars (Igorâ€TMs $5,000, Angelaâ€TMs $8,000)                               23,000           13,000

House (joint)                                                                                                    350,000

Personal Assets                                                                            8,000              10,000

Liabilities:

Credit Cards                                                                                                     10,000

Loan from Igorâ€TMs father                                                                               50,000

Mortgage from bank on the house                                                                    230,000

Angela lost $25,000 in a casino in 2009, but she hid the fact from Igor. This was later found out by Igor, who 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 is their net worth as of the date of marriage and as of the date of separation?

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

Posted Date: 3/26/2013 5:35:52 AM | Location : United States







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