Division of assets at the end of a marriage can be extremely complex and confusing. It is important that you understand your rights and receive the best advice from your Toronto divorce lawyer.
As explained in the article Distribution of Property in Ontario: The Basics: When a marriage is dissolved, each partner is entitled to share one half the increase in value of their Family Property as well as to share in the losses accrued while they were married. The equalization of net family property is discussed in section 5. (1) of the Family Law Act RSO 1990 (Act):
When a divorce is granted or a marriage is declared a nullity, or when the spouses are separated and there is no reasonable prospect that they will resume cohabitation, the spouse whose net family property is the lesser of the two net family properties is entitled to one-half the difference between them.
A Toronto divorce lawyer is very familiar with the powers of the court under the Act. If the appropriate application is made, section 7 of the Act allows the court to “determine any matter respecting the spouses’ entitlement under section 5.” Therefore, you are entitled to have your family property equalized as mandated by the Act. If problems or disagreements arise during this process, you can ask the court to step in and make a decision as to the division of assets. Your Toronto divorce lawyer can walk you through the court processes if this legal path is deemed the most appropriate for your situation.
If you fear your spouse may maliciously, intentionally or recklessly tamper with the net family property and by doing so, prevent you from receiving the amount you are legally entitled to, confer with your Toronto divorce lawyer immediately.
The Depletion of Assets
Distribution of Property in Ontario: The Basics
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