Division of Property
(Equalization of Net Family Properties)
The Family Law Act determines how your property is divided. However, you can't divide your assets and liabilities properly without full financial disclosure. This means that you and your spouse must disclose to each other everything you owned and owed on the date of marriage and on the date of separation. In addition, you will each need to disclose any gifts/inheritances received during marriage and whether or not that gift/inheritance still exists.
Collect all the relevant documents for the relevant dates and provide them to your family law lawyer. For instance, if you owe Visa $3000.00 on the date of separation, find or get the Visa statement showing the balance on the date of separation. If you have documents relating to your spouse for those dates provide them also.
This brings us to an important issue and that is to determine what is really the date of separation. You should know that separation can occur even if you are both residing in the matrimonial home. The separation date is the date on which your assets and liabilities are valued. If there is an argument about what the true separation date is, say you believe it was six months ago and your spouse thinks it is only just today, this could significantly impact the division of property especially if there has been a big change in the values of assets and the liabilities on these two dates.
It is easy to forget that your insurance policy may have a cash value, that your or your spouse's company pension has a value and that your and your spouse's business has to be valued. There may also be other properties which may escape your thought, for instance Retirement Gratuities, severance packages, settlement from litigation, debts owed to you, stock options, etc.
A skilled family law lawyer can help you with this.
Common law spouses may have claim to property by way of a resulting or constructive trust. Speak to us to see if this applies to you.
