Robin Thicke Part 2: The Gift of a Home
Robin Thicke and Paula Patton did not have the affectionate Valentine's Day that all assumed. Announcing their separation in February shocked Hollywood and meant that the assets and liabilities shared by the spouses would have to be divided.
It is often the case that the matrimonial home is one of the most significant assets of the parties involved in a divorce. The matrimonial home is defined as "every property in which a person has an interest and that is or, if the spouses have separated, was at the time of separation ordinarily occupied by the person and his or her spouse as their family residence" (section 18(1) of the Family Law Act). Often with fame and fortune comes a luxurious and expensive matrimonial home.
Want to find your way into luxurious home previously owned by a celebrity? TMZ has confirmed that the 3,158 square foot home has been listed as of July 21, 2014. Is the home affordable to you? Probably not, they are asking for a whopping $2,985,000.
One thing is clear from this story – one of the best investments an individual can make is in property. Especially considering that Alan Thicke, Robin's dad, purchased the home for $910,000. Well it appears as though Robin will be cashing in on a good investment.
Not so fast! Title of the property is under Robin's name and the split with Paula brings on a whole new level of devastation for this Hollywood star. Robin has made several public attempts to get back together with Paula. After speaking with his counsel, Robin may become more elaborate in these attempts as he will truly understand the meaning of "Lost without You" after receiving advice on his family law matter.
Let us consider how the separation affects the sale of the matrimonial home from an Ontarian legal perspective.
The Sale of the Home
First, the home may not be sold without the other spouse's consent, regardless of whose name is on the deed.
Determining Net Family Property
Second, according to section 4(2) of the Family Law Act permits a spouse to exclude certain defined property if it is owned on valuation day. Let us assume that the home was given to Robin during his marriage to Paula. According to section 4(2) of the Family Law Act property acquired by gift or inheritance from a third party after the date of the marriage may be excluded from a spouse's net family property!
Better hit the brakes. In fact, put the car in reverse. Unfortunately for Robin there is an exception to this exception. If the property acquired by gift or inheritance from a third party (i.e. Robin's dad) is the matrimonial home it cannot be excluded.
Section 4(2) of the Family Law Act puts another arrow through Robin's broken heart and deals a blow to his net worth.
Robin did your family law lawyer encourage you to produce "Get Her Back"? All kidding aside, the gift from Dad will in the end have to be shared between Robin and Paula.