Property Division
The Family Law Act of Ontario controls how property
will be “equalized” upon marriage breakdown.
Generally, the law does not change the nature of ownership of property.
It does not say “you get x and the spouse gets y."
The law requires a determination of, with some exceptions, your total net
worth as of the date of separation. This
is the “Valuation Date." The
law also requires that you determine what you were worth coming into the
marriage. If one party went up more
in net value than the other during the marriage, then they owe the other spouse
½ of the difference in their “Net Family Property." Pensions,
even though they are not liquid, are considered property for the
purposes of the Act. They must be professionally valued.
More information can be obtained at
www.pension.ca.
Sound confusing? It can be.
There are many exceptions and special treatment for things such as a matrimonial
home, gifts, inheritances, insurance monies, tax implications, pensions,
contingent interests in properties. There
are also strict time lines affecting your claim.
If you wait to long, you could be prevented from making a claim.
To fully understand your property rights upon
dissolution of your marriage, give any one of our experienced team a call
today.
