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BOITUMELO M.

asked • 25d

Calculate how much each party will receive upon their divorce.

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

When they got married –

(a) Julian owed $50 000 in student fees to Big Bank Ltd. The value of his other assets were $10

000; and

(b) April owned a townhouse valued at $1.5M and other movable assets to the value of

$200 000.

On the date of their divorce –

(i) Julian’s assets are valued at $2.9M and his liabilities amount to $1.5M; and

(ii) April’s assets are valued at $2.2M and her liabilities amount to $100 000

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