The Family Law Act provides the formula applied to the division and equalization of family property and assets on separation. This requires separating spouses to identify and disclose all assets and debts on certain dates, the nature and source of the assets and debts, and values on these dates. Business interests, family trusts, pensions, the matrimonial home and all other property and assets must be taken into consideration. This information will enable spouses to receive a legal opinion as to their entitlement to family property and their obligation to share family property with their spouse.
Do I Have To Give My Spouse Half Of Everything?
Every situation is different. Married spouses are entitled to an equalization and division of property of net family property on separation. Each party keeps ownership of their titled property. A calculation of each of the spouse’s net family property is done to determine how much one party must pay to the other to equalize the eligible assets accumulated during the marriage.
A careful inventory of the assets and their values must be done to determine whether any of the assets can excluded or deducted from a spouse’s net family property.
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Bortolussi Family Law is located in Vaughan, Ontario and serves the Greater Toronto Area including Woodbridge, Concord, Maple, Kleinburg, Thornhill, Vaughan, Markham, Richmond Hill, Brampton, Bolton, Nobleton, Newmarket, Oxford, Orangeville, Aurora, North York, Etobicoke, Caledon, Whitchurch-Stouffville, King City, Schomberg, Mississauga, Oakville, Streetsville and Toronto.