The term “property” for family law purposes can include numerous assets, not often colloquially referred to as property. For example, bank accounts, savings, stock options, trailers, pensions, businesses, and vehicles are all considered “property”.
Under the Family Law in Ontario, parties who are married are entitled to “equalize” the value of their “net family property” at the end of a marriage. Effectively, this means that each spouse should walk away from the marriage with an equal share of what was accumulate during the marriage.
It’s essential to understand your rights and obligations regarding assets and debts accumulated during the marriage, before coming to an agreement.
Determining how property is divided between spouses includes completing and exchanging sworn Financial Statements. This disclosure is necessary regardless of the process the parties choose (i.e.: court versus dispute resolution) as it allows your lawyer to properly advise you on your rights and obligations. Our law firm has experience with both simple and complex property issues, and we work hard to quickly resolve disputes and find solutions that allow both parties to move forward.