Professional Corporation
You are contemplating a separation from your spouse, and you are worried about your financial future. Who gets what? Having an answer to this question could influence when, or if, you separate. In any event, it will relieve the considerable anxiety that you may experience from not knowing where you might land once the dust arising from a separation has settled.
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It is no secret that the real estate market in Ontario, and the rest of Canada, has changed significantly in the past 5-6 years. Unfortunately, this topsy-turvy market is also placing additional financial pressure on individuals experiencing separation and divorce. “Will I get to keep the jointly owned home?” is a top-of-mind question for many family law clients I speak to.
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11-12 minutes read.
Dealing with the breakdown of marriage can be emotionally and financially challenging, but it is not the point where things simply end. With the breakdown of the marriage, numerous issues arise, and one such issue is the division of property. For most couples, the matrimonial home is the asset with the highest monetary and sentimental value, but how do you divide a physical asset that is embedded deep in the ground? An experienced family lawyer can certainly help. So here are some key pieces of information that you should know when dealing with your matrimonial home(s).
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Where will you live once your separation is complete? Will you have to sell the family home? Can you afford to maintain the family home? How will the value of large assets, like a pension, a business or real estate, be shared when a relationship ends? Must you share your inheritance with your spouse? Must you share gifts received by you with your spouse? Uncertainty about these types of questions can lead to worry.
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In Ontario, married spouses are expected to equalize the value of all of the property that they acquired during their marriage, with certain specific exceptions, which are discussed below.
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Many unmarried, cohabiting couples assume that, if they separate, each of them will share one-half of all of the assets, or wealth, that they accumulated as a couple. This is an inaccurate, though widely held, belief. An unmarried, cohabiting spouse does not have any automatic right to share in the property of his or her partner, in the event that they separate.
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