Although you and your partner are legally entitled to an equal share of the profits of your marriage when you separate or divorce, dividing assets is an intricate process. In Ontario, this division is referred to as the equalization of net family property and involves the assets and liabilities you and your partner have accumulated …
Read MoreThe Importance of Keeping Gifts and Inheritances Separate From Joint Assets When you and your partner decide to separate or divorce, the assets you accumulated throughout your marriage form your net family property and are be subject to equalization, with a few notable exceptions. However, assets deemed gifts or inheritances may be excluded from net …
Read MoreThe Family Law Act provides a framework for how assets and debt can get divided during a separation and/or divorce and is intended to make way for an equitable division of assets as well as providing financial security following the end of a relationship. This becomes especially important if there’s no marriage or cohabitation agreement …
Read MoreWhat You Should Know about the Equalization of Property in a Divorce We spoke with Claire McDowell, a family lawyer with Gelman & Associates, about what you should know about the equalization of property in a divorce. Please note that this article is intended as an overview on a subject in family law, and is …
Read MoreAre marriage contracts subject to a limitation period? In a recent case, the Ontario Court of Appeal (OCA) grappled with this very question. In the end, the father’s request to set aside the marriage contract was allowed, but the OCA was divided on whether all proceedings under the Family Law Act (FLA) that seek to …
Read MoreIn a recent case, an Ontario court expressed its concern about the manner in which two parties had engaged in a protracted 9-day trial to determine their property issues. What happens when, as the court stated, the process “has taken over, to the detriment of both parties”? The Background The parties were married for four …
Read MoreAny property used by married spouses at the date of separation as a family home is a “matrimonial home” under the Family Law Act. A matrimonial home is special and treated differently than any other property belonging to married spouses. The definition of a matrimonial home is set out in section 18 of the Family …
Read MoreThere are many issues to consider when deciding whether to marry or move in with a partner. One of them is whether or not you want or need a domestic contract. The following are some thoughts on these kinds of contracts to assist you in your decision. Many people are afraid of marriage contracts or …
Read MoreIn Ontario, marriages are deemed to be a form of economic partnership. As such, at the end of the marriage, under Ontario law, the spouses have a right to share in the wealth generated during the marriage. This is accomplished by a process called equalization under the Family Law Act (“FLA”). Equalization is a …
Read MoreIt is 7:30 am on the morning of the third day of trial. Yes, I slept in today. Worked late and couldn’t move when the alarm went off at 6:00. But still had trial dreams. Yuck. Yesterday was a good day. The other side didn’t seem to score any points in cross of our client. …
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