How is property divided after Divorce in Ontario?
The division of property after a divorce is often a contentious issue between former spouses, particularly if there is no marriage contract or prenuptial agreement. Expectations sometimes run counter to a spouse’s actual property entitlement, which leads to uncertainty.
What is classified as property?The property, in this case, includes assets, debts accumulated throughout the marriage, joint bank accounts, pensions, real estate and business property.
Ontario family law states that the value of any property or asset acquired during a marriage that is still in existence at the time of divorce must be shared equally between spouses.
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Seven Things to Remember When Managing Your Finances During a Divorce
Stress can affect a person’s ability to think clearly, and one of the most stressful circumstances some will ever experience is a divorce. If you are in the process of filing for a divorce, although it may be challenging, it is crucial that you put emotions aside to focus on important matters such as your financial affairs.
Here are some things you should do to ensure you make wise financial decisions when going through a divorce:
1. » Read more about: Seven Things to Remember When Managing Your Finances During a Divorce » Read more 6 mins readPet Parents: Right and Remedies After Separation
Pets are considered property pursuant to family law in Ontario. As wrong as it may seem for many who consider their pets to be members of the family, the unfortunate reality remains. Pets are not treated as children by the court and the laws and rules regarding custody and access of a child simply do not apply to domestic animals, regardless of how much they are loved and cared for. While acknowledging that:
- pets are of great importance to people;
Inheritances and Gifts: How to protect your assets
Not all property is treated equally in family law. Inheritances and gifts from third parties receive special treatment when determining the division of property for married spouses.
The regime governing property division for married couples in Ontario is found in section 1 of the Family Law Act. Equalization is determined by having the spouse with the higher net property (the higher net worth accumulated over the marriage) pay half the difference of the parties’
» Read more about: Inheritances and Gifts: How to protect your assets » Read more 3 mins readWhat are classified as marital assets in Canada
One of the big issues that people face when they are getting divorced is dividing the marital property. Some people don’t fully understand what is counted as marital property. They might think that their own pay is their own money; however, if it is pay that you earned while you were married, it is a marital asset. Understanding some basic points about marital assets can help you ensure that you are getting a good settlement when the time comes to divide these assets.
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