Accounting for Law

Inter-family money transfers

By Andrew Feldstein

This case helps clarify the evidentiary burden necessary for determining if the inter-family transfers of money may be categorized as a gift or a loan. During the parties’ marriage, the appellant’s father advanced two lump sums, in the amounts of $90,414.39 and $67,000, to his son, the appellant. All the money was invested in the matrimonial home held in the appellant’s name.

At trial, the appellant argued that the advancements were loans that remained owing on the date of separation and thus should be considered a liability when calculating his net family property. The respondent argued that the advancements were gifts that should be included in the appellant’s net family property. Read More at Feldstein Family Law Group Blog

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