One of the major considerations during a divorce is property division. Divorce can bring about drastic changes to a married couple’s lifestyle, and if there are properties involved then it’s even more important to understand how they will be divided before going ahead with the process. In this blog post, we will look at what you need to know about property division in an Ontario divorce.
First, it is important to understand how Ontario law views property during a divorce. According to Ontario family law, all assets acquired by either spouse during the marriage belong to both parties in equal shares and must be divided equitably upon dissolution of the marriage. This includes properties such as homes or land that were purchased while you were married, as well as any other possessions or financial investments made jointly during the marriage. The calculation of net family property can be complex and will depend on the value of the couple’s assets on the date of marriage. There are also important exclusions to the net family property calculation that a divorce lawyer would be able to advise you about.
Second, a divorce lawyer will familiarize themselves with your particular situation when dealing with property division in an Ontario divorce. Each case is unique and has its own nuances that must be considered during negotiations; for instance, if either spouse owned property prior to becoming married then this may cause complications since pre-marital assets are typically not subject to distribution after separation. There are exceptions to this rule and a divorce lawyer would be able to advise which assets should be divided between the parties and which assets can be excluded. Also of importance are issues concerning non-financial contribution such as emotional support or childcare that can affect one’s legal claim on certain possessions or investments shared throughout the marriage duration. A divorce lawyer can advise on lump sum spousal support as part of your settlement.
Third, there are several ways through which spouses can decide on how their marital assets should be divided between them depending on individual circumstances and preferences; negotiation is always encouraged but these discussions should be approached carefully so all parties involved reach amicable conclusions regarding how final decisions will be implemented accordingly. If any form of dispute arises between two spouses which cannot be resolved outside of court then litigating could become necessary so each party receives fair treatment under provincial laws regulating divorces within the province of Ontario.
Finally, it’s important to keep in mind that whatever agreement is reached both legally and financially during settlement proceedings may require adjustments further down the line due to certain aspects lacking sufficient detail at initial arrangement stages such as conflicting interests around selling properties crucial for financial goals outlined by each ex-spouse once independence has been achieved post-divorce; consulting with counsel may help with anticipating potential issues which could arise following a divore and can assist in documenting the intention of the parties to avoid future litigation.