Property Division During a Divorce in Ontario | How Our Richmond Hill Property Division Lawyers Can Help
The Ministry of the Attorney General states that when a relationship ends – the contribution of both parties must be recognized when assets and property get divided. While there are some exceptions to the rule, the laws in Ontario provide that the value of any property acquired by a spouse during marriage (and still owned by them) must be divided equally between the spouses. This also includes any increase in property values on the prescribed dates. This valuation is owed to one of the spouses in the form of an equalization payment or an equalization of net family property. Exclusions to this rule are defined as excluded property and may refer to things like gifts and/or inheritances received during the marriage providing that these gifts or inheritances were not applied towards the matrimonial home. The laws for property division for married couples are different than the laws for property division for common law couples which we will describe in more detail below.
With Respect to Divorce – How Is Property Defined in Ontario?
When it concerns a divorce – property is pretty much everything you own. This may include (and is not limited to):
- Home and all real estate investments (including domestic and foreign)
- Cars and other motor vehicles
- Clothing, jewellery and artwork (that can be valued by third party experts)
- Furniture, appliances and electronic equipment
- Bank accounts and all financial assets
- RRSPs and other investments
- Insurance policies
- Businesses and professional corporations
- And quite possible more
Contact our Richmond Hill divorce and family lawyer for legal assistance with your property division matters or to see if there are other items that can be considered property that are not on this list.
Property Division in Ontario for Married Couples
In a nutshell, when married couples separate – each spouse is entitled to keep the property they own but must share any increase in the value of the property that occurred during the marriage. Typically, this means that one spouse gives the other spouse an equalization payment. There are time limits to file these types of claims and for equalization payments – you have 6 years after you separate or 2 years after you get a divorce to file this type of claim. There are many nuances that apply here though so we recommend you consult with a divorce lawyer who has experience in property division matters and luckily our lawyers can help with that.
Property Division in Ontario for Common Law Couples
In some cases, property division in Ontario for common law couples is a bit more complex. For example, if you are in a common law relationship you are not entitled to equalization payments but may be entitled to other forms of payment from your spouse to compensate you for any direct or indirect contribution to property that he or she may own. These types of claims are commonly referred to as trust claims and is something a divorce lawyer can help you with.
Contact our Richmond Hill Property Division Divorce Lawyers For A Legal Consultation
If you or a loved are getting a divorce in Richmond Hill or surrounding areas and are in need of legal assistance regarding property division disputes in your divorce proceedings – contact our property division lawyers today for legal assistance. Our Richmond Hill divorce lawyers have decades of experience in assisting individuals in Ontario with their divorces as well as property disputes. Our legal team looks for expeditious resolves to divorce matters as opposed to dragging them out and incurring high legal fees.
Disclaimer: Please note the content of this article is not to be construed as legal advice. For specific legal advice as it pertains to your divorce – please contact our property division lawyers from Blackburn Lawyers today for a legal consultation.