Does the intention of the parties to use the funds received from an inheritance to purchase a house for themselves constitute a family asset?
British Columbia, Canada
The following excerpt is from Saugestad v. Saugestad, 2006 BCSC 1839 (CanLII):
Even specific plans to use the funds for a family purpose may not suffice to make an asset ordinarily used for a family purpose. In Crocker v. Crocker (1993), 44 A.C.W.S. (3d) 126 (B.C.S.C.), proceeds of sale from an inherited apartment received approximately six months before the parties separated were held not to be a family asset, even though the trial judge concluded that the intention of the parties was probably to use the proceeds of the sale of the apartment to buy a house for themselves. Sinclair-Prowse J. held that “an intended or probable future use does not convert an asset into a family asset” (at para. 20).
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