Toronto Property Division Lawyer
Toronto Equalization Lawyer
Ontario Property and Asset Division Lawyer

Toronto Asset Division Lawyer | Division of Property Litigation
Equalization | Asset Division
Definition of Property | Financial Statements
Excluded Property | Pensions
Property Division in Common Law Relationships

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Under the Family Law Act, any property amassed during the marriage that still exists at separation will be divided equally.  Increases in value of property and assets owned at the date of marriage are also equally shared.

This process is called equalization of net family property. The spouse with the higher net family property pays the spouse with the lower net family property half of the difference. This payment is the equalization payment.

Exclusions

Some assets and property are excluded from equalization. Examples of excluded property include inheritances, gifts, and insurance settlements. The matrimonial home receives special treatment under the law in the equalization process.

Definition of Property

Property division is a complex area of family law. The definition of property for equalization purposes is wide-ranging and can include:

    • Pensions
    • Vehicles
    • RRSPs
    • Land
    • Businesses
    • Cottages
    • Bank Accounts
    • Jewelry
    • Household furnishings

Equalization

A financial statement calculates the net family property of each spouse. In this form, each spouse’s assets and liabilities are valued on the day of marriage, the date of separation and the current date. The net family property is calculated by adding all the assets and subtracting all the liabilities each spouse had at separation. All assets less debts held on the date of marriage are also subtracted. This creates a total value for each spouse at separation.

Property Division in Common Law Relationships

Common law spouses do not have the same automatic property rights as married spouses. At separation, each spouse is entitled to the property they brought into the relationship and acquired during the relationship. Common law spouses can make a trust claim if they made direct and indirect contributions to their spouse’s property.

How We Can Help

The division of property and assets can be complex. Our team of experienced businesscorporatereal estate, and gift lawyers are uniquely situated to assess clients with complex property division issues. Our approach to property division is encapsulated in our motto: Easy to work with. Tough to oppose.

Contact us for an initial consultation.

This page contains general legal information only and should not be construed or relied upon as legal advice for your unique situation. If you require legal advice, please request an initial consultation with Gilbertson Davis LLP using the Request Consultation Form on this webpage or by contacting our Intake Coordinator on (416) 979-2020, ext. 223 (both subject to the Terms of Use described on our Contact page).

Our Lawyers


John L. Davis

Managing Partner
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Kimberley S. J. Wilton

Associate
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