Kitchener family law lawyers with over 40 years of firm experience assisting clients with property division as part of a separation and divorce
Married couples in Ontario are subject to Part I of the Family Law Act, which deals with the division of property. In most cases, the total value of family property from the date of marriage to the date of separation is equally divided upon separation. Subject to certain exceptions, the spouses equally share any financial growth during the marriage. Upon separation, the court completes a calculation for each spouse to determine the growth in the value of each spouse’s assets during the marriage, referred to as a “net family property”. One party then makes a payment to the other referred to as “an equalization payment”.
Any claims that a spouse may have to an equalization payment may be barred by the passage of time, if you do not start court proceedings within six years from the date of separation from your spouse or within two years after obtaining a Divorce or an annulment of your marriage, whichever is sooner. Therefore, you should not wait or delay consulting with a family law lawyer about your rights and obligations with respect to net family property. Our team of highly skilled Kitchener family law lawyers will help you determine how to calculate the total net family property and assist you with determining the equalization payment.
Does property division apply to cohabitating couples who are not married?
The Family Law Act does not apply to cohabitating couples who are not married, where property is generally divided upon separation by ownership. However, where one party has contributed financially or otherwise to property owned by the other, the contributing party may be able to seek compensation or an interest based upon equitable principles. This type of claim is based on unjust enrichment. If you are in a common-law relationship and believe that property division should apply to your separation, you should contact an experienced family law lawyer at our firm to review your situation.
For over 40 years, clients have trusted in our ability to explain more than simply their legal rights and obligations in a separation or a divorce. We are confident that you will appreciate our professionalism and personalized service. To benefit from our knowledge and experience with respect to property division as part of your separation or divorce, please contact 519-884-0034 or send us an email. Many of our clients are referred to us by former and current clients, as well as by lawyers, accountants, and financial advisors. We serve clients in Kitchener, Waterloo, Cambridge, Guelph, Stratford, Hamilton, London and surrounding areas.
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