Dividing property when a marriage or common-law relationship ends
The Canadian Constitution gives the federal government the power to pass legislation relating to: Marital Property Divided in marriage or common-law relationships in Ontario
This regime is based on the principle that marriage is an economic partnership. This economic partnership is based on the date of marriage. It also marks the entry into the partnership. The “valuation date” can be considered the date one or both partners decides to disband the partnership. For example, it could be the date the spouses separate or divorce. Each partner gets one-half the value of the accrued properties and not the property when the partnership is dissolution.
The Family Law Act provides the concept of “net family property” as well as the “equalization payments” to effect actual division.
The Act recognizes that a married couple might wish to arrange the division of their assets in a unique way. This can be achieved by a couple preparing a domestic contract. The Act allows property in a domestic agreement to be excluded from the spouse’s net family assets.
This payment is known as the “equalization payments”. If a spouse wants to claim a deduction in respect of any property, it’s up to that spouse to provide evidence to support his or her entitlement. The spouse initiates the equalization process by submitting a court application. This must be done within a specified time period. A spouse must request the division of property within two years of the Final Divorce Order or six years from the date the parties separated.
You may be eligible for financial support and/or property as a spouse in the event of divorce or separation. The factors that determine your entitlement depend on whether you were legally married or in a common-law marriage, as well as if you have children.
How Is The Matrimonial Home Divided in Oshawa Ontario?
The matrimonial home receives special treatment, as noted. If the matrimonial house is still in existence on the date of separation, it will not be counted as a spouse’s deduction for date of marriage. A matrimonial home that was received from a third party as an inheritance or gift during marriage will not be allowed to be excluded.
Matrimonial homes are defined as “every property in the which a person has an interests and that was, or if spouses have split, was ordinarily occupied at the time of separation by the person and his/her spouse as the family home.” It is possible to have more than one matrimonial house at any time. Part II of Family Law Act confirms the special status of matrimonial homes. It establishes certain possessory rights to the home, regardless of its legal title. These rights cannot be altered by contract.
Divorce Lawyer in Oshawa
Our Oshawa divorce lawyers understand that no two property disputes are alike. We therefore ensure that each client receives individualized representation. We have extensive family law experience and can help you find creative solutions to your property dispute.
We know you have questions. These questions are answered quickly and easily by our team. All new clients receive free consultations.
Experience is important. Over 20 years experience in the legal industry is what our founding attorney brings to the table. You get more than a century of legal experience to advocate for your family’s best interests.
At Borden Family Law, our focused area of practice means our clients benefit from our in-depth knowledge.
To see how we can help you resolve your issue, call us at 905-576-6090 or contact us online.
https://bordenfamilylaw.com/practice-areas/dividing-family-assets-and-equalization/
