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All the excitement following a win leads to unwise, spontaneous spending. Unfortunately, this often includes friends and family. For more information and advice for lottery winners in Canada, stay tuned to the Jackpot Lawyer blog.
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Hi Steve. So the trustee would be the formal claimant and currently nothing prevents non-disclosure of the beneficiary of such a trust.
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Tracking every case of COVID in Canada. According to the arbitrator, since "losses throughout the marriage were incurred jointly, so should winnings be shared jointly.
In court proceedings, the husband sought to set aside the arbitrator's award on the basis that the winnings should not be considered marital property because the husband purchased the lottery ticket several years after the parties' separation.
The trial court denied the husband's request. On appeal, the State of Michigan Court of Appeals similarly denied the husband's request.
The appellate court noted that "the arbitrator determined the husband's winnings were part of the marital estate" and agreed with the arbitrator's observation that "marital property includes all property acquired from the date of marriage until the date of entry of the divorce decree.
Property that is acquired between separation and actual divorce is marital property. In Ontario, and in many jurisdictions across Canada, the sharing of lottery winnings after separation is very unlikely.
That said, the fight over the sharing of lottery winnings has not been without its controversy in Canada. In that case, the parties were married in and divorced seven years later.
Notwithstanding their divorce, the parties continued to live together in a spousal-like relationship for several years after the divorce. Throughout their continued cohabitation, the parties had a habit of purchasing lottery tickets.
The husband would check the winning numbers on the evening news and the wife would check the numbers again in a store some time later.
On Feb. In the usual fashion, he checked the ticket that night and found only two matching numbers. The wife concealed the win from the husband.
The wife provided a false story to the husband to conceal her trip to the OLG offices in Toronto where she intended to claim the prize. In fact, the wife did not inform the husband of the win until an OLG representative asked the wife where the ticket was purchased.
The wife was unable to answer the question and told the OLG representative the ticket was a gift from her former husband. But don't invest in a risky business -- many bank stocks pay a five per cent annual yield, which is more than enough to make your money last, and the risk of them going bankrupt is minuscule.
Page 1 of 2 -- Check out three more essential things to do if you win the lottery on page 2 3. But do pay in cash. Otherwise, you'll be locked into a mortgage and either you'll have to pay part of your winnings to the bank in interest or, if you end up wanting to break the mortgage, you'll owe a hefty penalty.
Fork the entire amount over and never worry about a mortgage payment again.