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11-07-2022, 01:28 PM
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Join Date: Jun 2010
Location: Calgary
Posts: 1,923
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Share inheritance with spouse?
Maybe someone on AO can provide some insight, at this time this is more of a hypothetical question, but I'm sure it will/could be relevant in the future...
Is there an "obligation" or "expectation" (legal or otherwise) that an inheritance is split with one's spouse?
Is it different if you share everything (income, bank accounts, etc.), as its not necessarily the same as earned income...
Just curious.
Thanks
Peter
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The virtuous find delight in mountains, the wise in rivers.
-Confucius
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11-07-2022, 01:38 PM
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Join Date: Sep 2008
Location: Edmonton Alberta
Posts: 9,666
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No there is not
I am going thru the same scenario right now
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When you are born, you get a ticket to the Freak Show.
If you are born in Canada, you get a front row seat.
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11-07-2022, 01:39 PM
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Join Date: Jan 2013
Location: onoway, Ab
Posts: 7,032
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Not sharing it with your spouse just seems kind of selfish I think.
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11-07-2022, 01:46 PM
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Join Date: Sep 2008
Location: Edmonton Alberta
Posts: 9,666
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Quote:
Originally Posted by Smokinyotes
Not sharing it with your spouse just seems kind of selfish I think.
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Under certain circumstances it definitely could be selfish.
In my circumstance though that isnt the case. It's a matter of future taxation, responsibilities, definitive decision making and just a general disinterest in the inheritance.
Kinda the idea of having one boss, one decision maker, less confusion and being responsible for the decisions that are made.
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When you are born, you get a ticket to the Freak Show.
If you are born in Canada, you get a front row seat.
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11-07-2022, 01:55 PM
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Join Date: Jun 2009
Location: Edmonton
Posts: 218
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Inheritances do not form part of matrimonial property.
Keep the inherited funds separate from your other assets so that they can easily be tracked (as opposed to a joint bank account where there could be a disagreement as to what remains of the inherited property versus the joint property).
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11-07-2022, 02:24 PM
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Join Date: May 2007
Location: Edm.
Posts: 5,026
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What I have seen in many families is when the wife gets something from her side she keeps it all. But when the husband gets something from his side he shares it....go figure .
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11-07-2022, 02:41 PM
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Join Date: Jun 2009
Posts: 322
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Everyone's situation is different. My opinion is that your parents likely had their kids in mind when they did up their wills, not their significant others.
Having said that and putting myself in the position I would say that a happy marriage would lead anyone to use that money to do something that moves you forward together as that dedicated couple. Be it a vacation, paying off a mortgage, donating in memory of your late parents, setting the kids up for college etc. Healthy relationships have each partner thinking on both sides of the fence.
If this is not the case, choose your words wisely as you may stand to lose more than the inheritance in the way of a divorce .. Ha
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11-07-2022, 07:55 PM
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Banned
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Join Date: Sep 2008
Posts: 1,701
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Quote:
Originally Posted by TIMWOLF
Everyone's situation is different. My opinion is that your parents likely had their kids in mind when they did up their wills, not their significant others.
Having said that and putting myself in the position I would say that a happy marriage would lead anyone to use that money to do something that moves you forward together as that dedicated couple. Be it a vacation, paying off a mortgage, donating in memory of your late parents, setting the kids up for college etc. Healthy relationships have each partner thinking on both sides of the fence.
If this is not the case, choose your words wisely as you may stand to lose more than the inheritance in the way of a divorce .. Ha
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i'm sure with you tim
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11-07-2022, 08:08 PM
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Join Date: Oct 2010
Location: central Alberta
Posts: 12,629
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Be cautious. One scenario I am aware of.... If farm lands are involved be sure to stipulate who those lands go to in the future should your estate roll over to your spouse. A relative had farmland that was given to him when his dad died. That land was given to his dad by his grandfather and the same land was given to the grandfather by his great grandfather. When my relative died his estate was rolled over to his wife. Even though they we married for 40+ years she had never worked on the land the whole time, nor did she work elsewhere. Within a couple years his wife decided to sell the land and lived it up instead of passing the generational land on to her sons, like her husband had intended and discussed with her. Their sons had helped with farm work while their dad was alive. She was very frivilous with the large amount of money and she passed away with little money left. She had also taken on a new partner who got the benefit of those moneys. The sons did not receive anything from their Dad's estate even though that was their Dad's intention with the generational farmland.
If you have property you would prefer going to your children in the future make sure it is written in the will. Spouses can remarry and sometimes do the unexpected.
I have heard about more than one farmer who passed away and whose wife went on to sell their land and live it up with new boyfriends or spouses. And the farmers wishes for their lands to go to their kids were disregarded.
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This country was started by voyagers whose young lives were swept away by the currents of the rivers for ten cents a day... just for the vanity of the European's beaver hats. ~ Red Bullets
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11-07-2022, 04:03 PM
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Join Date: Dec 2011
Location: Rocky View County AB.
Posts: 3,568
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Quote:
Originally Posted by -JR-
What I have seen in many families is when the wife gets something from her side she keeps it all. But when the husband gets something from his side he shares it....go figure .
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Not me I bought a new boat before she could say good morning.
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11-07-2022, 04:56 PM
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Join Date: Nov 2016
Location: Edmonton
Posts: 6,496
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Quote:
Originally Posted by TROLLER
Not me I bought a new boat before she could say good morning.
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You are a very wise man and funny to boot.
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You matter. Unless you multiply yourself by the speed of light squared... ...then you energy.
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11-07-2022, 05:02 PM
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Join Date: Mar 2021
Location: North Peace
Posts: 250
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Throw it into retirement savings/investments and call it a day.
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11-07-2022, 08:52 PM
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Join Date: Dec 2011
Location: Saskatchewan
Posts: 137
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Quote:
Originally Posted by TROLLER
Not me I bought a new boat before she could say good morning.
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^This^
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11-07-2022, 08:47 PM
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Join Date: Jun 2013
Posts: 1,393
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Quote:
Originally Posted by -JR-
What I have seen in many families is when the wife gets something from her side she keeps it all. But when the husband gets something from his side he shares it....go figure .
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X2 again
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11-07-2022, 02:50 PM
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Join Date: Apr 2008
Location: alberta
Posts: 1,987
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Quote:
Originally Posted by rammer
Inheritances do not form part of matrimonial property.
Keep the inherited funds separate from your other assets so that they can easily be tracked (as opposed to a joint bank account where there could be a disagreement as to what remains of the inherited property versus the joint property).
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correct-a-min-dough
read the matrimonial act of alberta my friend
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11-07-2022, 03:34 PM
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Join Date: Oct 2007
Location: St Eh
Posts: 564
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The four of us siblings recevied a sizeable equal cash inheritance when our parents passed in 2020. I myself added it to the joint investment account strategy that my wife and I have . I imagine my siblings did the same thing but the key for us as mentioned previously is a stable/happy partnership with your spouse so you can enjoy it together as I think my folks intended.
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11-07-2022, 04:06 PM
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Moderator
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Join Date: Jul 2008
Location: A bit North o' Center...
Posts: 11,251
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Quote:
Originally Posted by skain11
the key for us as mentioned previously is a stable/happy partnership with your spouse so you can enjoy it together as I think my folks intended.
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That is key, for sure.
One needs the kind of relationship that money doesn't corrupt.
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11-07-2022, 04:16 PM
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Join Date: Sep 2007
Location: St. Albert
Posts: 340
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Inheritance
My wife and I have both lost our parents and both received small inheritances. Both inheritances were placed in our joint accounts and became family assets.
The wills in both cases stipulated their children or in the event they had passed then their estates.
We have done the same with our wills. We want anything left to go to our children and if they have passed then their estates.
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11-07-2022, 09:19 PM
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Join Date: May 2007
Posts: 3,996
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Quote:
Originally Posted by Cement Bench
correct-a-min-dough
read the matrimonial act of alberta my friend
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Actually, as one who plies the trade even having quit doing Family Law three times, and only having ONE FILE LEFT TO CLOSE to end the cancer of family law in my practice, please read the Family Property Act of Alberta. Matrimonial Property Act has been revoked, but can still be relied on for Actions commenced under the Matrimonial Property Act. Or, you can convert the action to the new Act.
However, the thorny part of the issue is preserving the inheritance exemption from division on a Divorce. If it can be traced to an ASSET, then you can claim the exemption. If you just **** it away on vacations and funny clothes, don't whine about it later.
The new act uses the value at the date of Separation, not the date of Trial. This is helpful on a long drawn out Divorce where assets are increasing in value, as was once the case before the Liberals in Ottawa crushed the Canadian Economy.
But to preserve the Asset why not just buy a Quarter of Land, and put it in the Kids' name? No one can complain about that, and the legacy gift now goes to the next generation as Gand Parents would have probably wanted anyway.
Drewski
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11-07-2022, 09:34 PM
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Join Date: May 2007
Location: Lethbridge
Posts: 757
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As with all money my wife and I earn we have one account and everything goes into it, doesn't matter where it comes from. When my in-laws passed on my wife used her inheritance to pay off a vehicle and some household expenses. The last of my parents passed on this spring and the monies I've inherited will be used for household expenses. I can't figure out how people go I earn 65% and you earn 35% that's how we are paying the bills.
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Proper Planning Prevents P**s-poor Performance!!
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11-07-2022, 09:45 PM
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Join Date: May 2008
Location: The South
Posts: 1,129
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Quote:
Originally Posted by geezer55
As with all money my wife and I earn we have one account and everything goes into it, doesn't matter where it comes from. When my in-laws passed on my wife used her inheritance to pay off a vehicle and some household expenses. The last of my parents passed on this spring and the monies I've inherited will be used for household expenses. I can't figure out how people go I earn 65% and you earn 35% that's how we are paying the bills.
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Same here, but to each their own I guess. I would feel weird. “Hey I inherited a million bucks! But sorry, none for you!” 🤣🤣 Having said that, I work with a ton of people who split everything, bills, his car, her car, etc. I even worked with one guy who would have post it notes on the fridge saying “so and so owes $20 for supper on Wednesday.”
Sorry for the derail. I got all caught up. 🤣
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11-08-2022, 08:52 AM
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Join Date: Dec 2021
Posts: 146
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Quote:
Originally Posted by geezer55
As with all money my wife and I earn we have one account and everything goes into it, doesn't matter where it comes from. When my in-laws passed on my wife used her inheritance to pay off a vehicle and some household expenses. The last of my parents passed on this spring and the monies I've inherited will be used for household expenses. I can't figure out how people go I earn 65% and you earn 35% that's how we are paying the bills.
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I’m with you! When my wife and I were together she got a few small inheritances from family passing. Not a bunch - a couple thousand I guess. She put it in our joint account and it just went to “life”. Bills etc. I know it wasn’t a bunch but still. And if we get back together at some point and I inherit money- it will go in the joint account as well to be used by both of us. Heck- she put up with my family for a lot of years lol. I am a believer in money joint and always felt separate accounts and owing each other for diner or groceries etc is creates a divide. To me it feels like a lack of trust. But I’m also the guy that believes a man’s job is to financially support his family. I also couldn’t imagine not being the bread winner and relying on my wife to bring in the dough. Because I do believe that many wives already do ALOT to contribute to the home and family. I think men can atleast take one thing off their plate lol. So… I know I’m old fashioned and lots of you may disagree with my thoughts but hey- we are who we are.
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11-08-2022, 07:05 PM
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Join Date: Nov 2011
Location: Lloydminster
Posts: 176
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The new act uses the value at the date of Separation, not the date of Trial. This is helpful on a long drawn out Divorce where assets are increasing in value, as was once the case before the Liberals in Ottawa crushed the Canadian Economy.
But to preserve the Asset why not just buy a Quarter of Land, and put it in the Kids' name? No one can complain about that, and the legacy gift now goes to the next generation as Gand Parents would have probably wanted anyway.
Drewski[/QUOTE]
The date of Trial is still the date for valuation of property (unless a written agreement specified otherwise), as set out in section 7(2.1) of the Family Property Act.
Smithy
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11-07-2022, 08:44 PM
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Join Date: Jun 2013
Posts: 1,393
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X2
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11-07-2022, 08:46 PM
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Join Date: Jun 2013
Posts: 1,393
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Quote:
Originally Posted by rammer
Inheritances do not form part of matrimonial property.
Keep the inherited funds separate from your other assets so that they can easily be tracked (as opposed to a joint bank account where there could be a disagreement as to what remains of the inherited property versus the joint property).
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X2
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