Division of Property
Everyone wants the divorce to settle out of Court. Going to trial is never a first choice for anyone involved in family law cases. If the case does go to trial, you will certainly need to address the division of property.
In some cases, couples can come to a mutually agreeable division about who gets what, but some disagreements must be solved more often than not.
The property division in Ontario can be different if the couple were legally married or just in a common-law relationship. If you and your spouse are legally married, you would have a right to divide the marital properties between the spouses upon separation.
Also, any increase in family property value must be shared. The payment owed to the other spouse to adjust for this sharing is called an equalization payment, or an equalization of net family property.
The excluded property refers to the property that falls under the exceptions and may include gifts or inheritances received during the marriage from someone other than a spouse. They were not contributed towards the matrimonial home.
If you are in a common-law relationship, you are not entitled to an equalization payment. However, you may be entitled to trust claims, which is a payment from your spouse or partner for any form of your contribution to the property that your spouse or partner owns.
If you are dealing with a property division in your divorce or separation, you will need a family law Lawyer. We can help you manage these stressful situations. Contact Juzkiw Law Firm at 416-221-2221 for more details.