PROPERTY DIVISION

property division

The law provides that married spouses share responsibility for childcare, household management, and earning income during their marriage. When a marriage ends, the economic partnership is over and the property has to be divided. The general rule is that subject to certain exclusions, the increase in a spouse's net worth during the marriage will be evenly shared with the other spouse.

There are some exceptions to these rules. The law allows you to keep the value of the following property:

gifts you received during your marriage from someone other than your spouse;
property that you inherited during your marriage;
money that you received from an insurance company because someone died; and
money received as a result of a personal injury claim.

The matrimonial home is another exception to the general rules. The law provides that when your marriage ends, the value of the family home must be equally shared even if one of you owned the home before you were married, received it as a gift, or inherited it.

We focus on high net worth divorces and have the skills to analyze complex financial issues, including income for support determination, value businesses, and deal with assets, income, and property outside Canada.

High net worth divorces can be complicated as the assets could be in Canada or in other countries. High net worth divorces require expertise and experience in all aspects of family law and the resources to trace property and income, domestically and internationally. We work with experts and consultants to achieve desirable spousal support and division of assets results.

FAQs

1. What is the equalization of net family properties?

The equalization of net family properties is a legal process to divide the value of marital assets between spouses during divorce or separation.

2. What assets are included in the net family property?

Net family property typically includes real estate, bank accounts, investments, vehicles, and other assets acquired during the marriage. It also includes debts incurred during the marriage.

3. How is the value of net family property calculated?

o calculate NFP, first determine the total value of all assets and subtract the total value of all debts. This gives you the net value.

4. Can the equalization process be modified by a marriage contract?

Yes, a marriage contract can specify how assets and liabilities will be divided in the event of a divorce or separation, which may override the default equalization process under family law.