zh-hant
zh-hans
en

Dividing Property During Divorce Ontario

Have you ever wondered what happens to your property when you separate from your spouse and how it might be divided? This is a question faced by many Ontario residents who are in the process of separating and obtaining a divorce.

Dividing Property During Divorce Ontario

In Ontario, when married spouses separate they are required to equally share all property gained during the marriage.  Ideally, the only property would be a bank account, easily divided among the parties with one withdrawal.

However, in most circumstances the property accumulated over the span of the marriage is more complicated, including items such as a house, a mortgage, cars, RRSPs, bank accounts, and credit cards.

When the property cannot be easily split, it is likely one spouse will end up with more assets or a property of a higher value than the other spouse.

Dividing Property During Divorce Ontario. It can be complicated! So call one of our Toronto lawyers today for help. Call 1 844-618-8080 (toll free) or text 778—676—3808— to book your free consultation. We also offer flat fee billing options.

In the event one spouse retains more assets than the other spouse, they will be required to pay the other spouse to equalize the amount of property between the both spouses. This payment is called an equalization payment.

Related: Get to know our Toronto Law Firm

To determine whether one spouse owes the other an equalization payment, both spouses add up the total value of their assets on the date of separation and subtract the amount of their debts. Then, both spouses add up the total value of their assets (minus their debts) on the date of marriage and deduct this from the value of their assets on the date of separation.

The result is each spouse’s net family property. Whichever spouse ends up with a higher net family property value, will be required to make an equalization payment to the other spouse to ensure both are walking away with equal value of the family property.It sounds simple enough.

However, depending on the property, there will be additional deductions and exemptions to be accounted for in the calculation.  It is always best to speak to a family law lawyer about the division of your property and how to property calculate your net family property.

Dividing Property During Divorce Ontario. It can be complicated! So call one of our Toronto lawyers today for help. Call 1 844-618-8080 (toll free) or text 778—676—3808— to book your free consultation. We also offer flat fee billing options.

Our lawyers in the Toronto office of Hart Legal have helped many clients with property division issues and are ready to assist. Contact us today to set up a free initial consultation. We have offices in Downtown Toronto, Burlington, Newmarket, and Vaughn for your convenience

Family Law News: India Islamic schools to teach “correct” way to divorce

Limitations on Bringing Your Family Law Claim

There are five main categories of claims parties bring in family law:

1. Divorce

2. Custody and Access;

3. Spousal Support

4. Child Support; and 

5. Property Division

Depending on the claim that you wish to bring there are some set limitation periods that prevent parties from bringing a claim past a certain date. In addition, there are some applications that can be brought at any time, but you may be disadvantaged if you delay in bringing your claim.

Divorce

Dividing Property During Divorce Ontario is something many people come to our website looking for help with. The Divorce Act requires that parties be separated for a year prior to being able to bring a claim for divorce.  However, after a year is passed parties can get divorced at any time. There is no limitation on when parties can apply for a divorce following separation.

Custody and Access

There is no time limit to bring a claim in relation to custody or access of a child.  However, the court will consider the status quo when awarding custody and access.  So if you delay bringing a claim, this may affect your ability to change the current parenting arrangement.

Spousal Support

There is no limit on when a spouse can bring an application for spousal support.  However, when determining whether spousal support should be payable, the court will consider the spouse’s need for support.  If a spouse delays bringing a spousal support claim without reason, it may show that the spouse does not have a need for spousal support.

Child Support

There is no time limit for bringing a claim for child support. So long as the child is entitled to child support under the Divorce Act or the Family Law Act, the court has the power to award child support.

Property Division

There is a limitation period for bringing your claim in relation to property division. The limitation periods in relation to property division are set out in the Family Law Act.

A claim for property division must be brought within:

1) Two years from the day on which a marriage was declared null and void or a divorce was granted;

2) Six years since the date spouses separated (with no reasonable prospect of getting back together); or

3) Six months after a spouse’s death.

Dividing Property During Divorce Ontario. It can be complicated! So call one of our Toronto lawyers today for help. Call 1 844-618-8080 (toll free) or text 778—676—3808— to book your free consultation. We also offer flat fee billing options.

To determine whether a time limit applies to your legal issue it is best to speak to one of our family law lawyers in the Toronto office of Hart Legal. Also talk to us about Dividing Property During Divorce Ontario. Our lawyers have experience in all areas of family law and offer free consultations. We have offices in Downtown Toronto, Burlington, Newmarket, and Vaughn for your convenience.

Comments : Off
About the Author

@Copyright 2016, HARTLegal | Disclaimer | HART Legal, A Professional Law Corporation as another name, in addition to Darren Hart Law Corporation.