In Ontario, the division of assets is determined either by the parties agreement or by the provisions of Part I of the Ontario Family Law Act.
Guy Hunter knows this area of family law well and likes advising and representing clients on property disputes, especially complicated ones.
If you happen to know what you owned at the date of marriage and the date of separation, Guy Hunter can help you determine the rough amount of a likely equalization payment quickly. This information is important for a separating spouse to understand so they can know what the court would grant them if they could not reach agreement.
The basic concept behind section 4 and 5 of the Family Law Act, is that the separating parties share any increase in wealth during the marriage.
In other, words, subject to some exceptions, you calculate your net worth at the time of marriage and subtract that from your worth at the time of separation.
There are important exceptions to this rule, most notably gifts received during the marriage (such as an inheritance) and special rules governing “the matrimonial home.”
Therefore, one issue in most family law matters is what is the date of separation. In most cases, that must be determined before you can properly calculate the equalization payment owed.
You can opt out of the asset sharing provisions of the Family Law Act, but normally you can only do so in an agreement where each spouse, has their own lawyer who has advised them how the FLA provisions work.
Property Division (2)
In principle after separation, for married spouses, the financial net worth of each spouse is calculated and the net family property is equalized. With some exceptions, normally, the spouse with the greater increase in assets (less debts) during the marriage, pays the other spouse half of the difference between their different growth in net worth.
When married couples separate, one of the issues that can merit the expense of a lawyer is the division of property.
When there are complex property issues such as:
- Multiple home or properties
- Significant investment
- Large debts
- Significant pensions
- Business interest
It will take more work to calculate or litigate how much one spouse owes the other.
Guy Hunter’s family law practice emphasizes trying to assist parties in the with helping to properly list and exclude assets in accordance with sections 4 and 5 of the family law act. Particularly when it comes to multiple properties after during marriage, trusts claims, or other issues Guy hunter can assist with complicated property matters. Particularly when it comes to assets.
When every attempt is made to provide helpful information in this website, you may not rely on the information above as legal advice.