Property Division - Ontario Divorce
You and your spouse will have to decide how to divide your property when going through a separation or divorce. You will both want to protect your interests.
When a marriage ends, any property and assets that were acquired during the marriage that exist at separation need to be divided between the spouses.
Generally, the value of property (including any increase in value over the course of the marriage) will be divided equally between the spouses. There are some exceptions, such as inheritances or gifts from someone other than your spouse – provided they were not used towards a matrimonial home.
Ontario law, under the Family Law Act, provides for the equalizing or sharing of the value of property between married spouses.
You have six years from the day you separated, or two years from the date of your divorce, whichever comes first, to negotiate a separation agreement or to go to court to ask for a decision on the amount of the equalizing payment.
If you are in a common law relationship, the provisions for equalization do not apply. However, in some circumstances, you may still have limited rights if you can show that you contributed to the acquisition, maintenance, preservation, or improvement of an asset belong to your common law spouse.
Complex Property Division
Complex Property Division - Divorce Ontario
In the settlement process, the parties and their lawyers may have settlement meetings. These scheduled meetings provide time for the spouses and their lawyers to get together to discuss the issues.
These ‘4 way meetings’ are advisable since many issues can be resolved or discussed openly to find solutions.
In all but very contentious cases, parties are able to agree on many, if not all, of the issues – including property division.
The Daly Law team can also assist with dividing complex and high value assets in the case of a divorce. Daly Law, along with their network of accountants, real estate appraisers and business valuators, can determine accurate and complete asset valuation – which is necessary to determine net family property under Ontario law. Call the Oakville law office today
at (905) 844-5883.