you should never put gifted or inherited money toward the matrimonial home and, if you inherit or are gifted a home, never move into it as a matrimonial home.
The Family Law Act treats the matrimonial home differently from all other property. Its value will always be shared between the spouses unless a valid domestic contract stipulates otherwise. Therefore, if you use inherited money to pay down your mortgage; as a down payment on your home; on a home line of credit; or even on renovations for the home, then you will no longer be able to exclude those funds.
See our article "The Matrimonial Home" for more information about the unique treatment of the family home under the law.
The Family Law Act treats the matrimonial home differently from all other property. Its value will always be shared between the spouses unless a valid domestic contract stipulates otherwise. Therefore, if you use inherited money to pay down your mortgage; as a down payment on your home; on a home line of credit; or even on renovations for the home, then you will no longer be able to exclude those funds.
See our article "The Matrimonial Home" for more information about the unique treatment of the family home under the law.