It May Be in Your Name, But I Paid for It So It Belongs to Me!
During a relationship is it not uncommon for one party to put money or assets in the name of their partner or spouse. Unfortunately, after the breakup, the main question becomes, who is the real owner of the property held in the name of the other spouse?
The answer may be complicated by various considerations, for example, is the money or asset held in one name or joint?
There are two kinds of equitable trusts that may be examined in order to determine whether the claiming spouse is the real owner of property held in the name of the other spouse. The first type of trust is a resulting trust and the second is a constructive trust.
Some facts considered to show a resulting trust position are:
(a) facts that demonstrate a common intention between the parties that you were to have an interest in the property, and,
(b) facts that show you financed the purchase of the property either partially or in full.
Some facts that might be considered to show a constructive trust position are:
(a) you made a contribution to the acquisition, management or improvement of the property that enhanced the value of the property or in some other way enriched the owner spouse;
(b) that the contribution was detrimental to you in that you did not receive value for the contribution; and,
(c) there was no juridical reason for the enrichment; for example, the other spouse cannot show that the contribution was a gift.
For additional information or to answer any questions, feel free to contact SMP Law. We are happy to help SiMPlify any of your concerns.
Contact us anytime at SMP Law to help SiMPlify your legal matter at 905-565-9494 or email info@smplaw.ca if you have any questions or would like to book an appointment to meet and discuss your situation and how we can help.