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.