Following through with divorce not only ends in heartbreak, but the separation also impacts other aspects you once shared in your life together as a couple. Settling matters involving child custody is already a complex and emotionally charged situation, but dealing with factors such as unequal division of family property is like adding salt to a wound.
What are Examples of Property?
- Family home;
- Investments like bonds, dividends, stocks, etc.;
- Retirement accounts;
- Bank accounts;
- Business interests;
It’s a painful matter to discuss, but every married couple is entitled to receive an equal share of any value accumulated throughout the relationship. Of course, the court plays a heavy hand in helping allocate the property by dividing the difference between the net family party. A “fair” result should involve the spouse with the lower net family property half of the difference for it to be accepted as equalization of property.
What Does an Equalization of Property Entail?
Under the Family Law Act, the division of the net family property involves considering the following assets and liabilities:
- Each spouse’s total net worth from the marriage up to the point of separation;
- The difference between the accumulated net worth of both parties;
The resulting 50 percent of the difference should be given to the party with the lower net worth, which can lead to a muddy circumstance since other issues like debts can blur the lines between what’s considered just in the equalization process.
When Does the Process Call For Unequal Division of Property?
Knowing whether the division was done equally can be tricky, but the factors below should indicate that there’s a flaw in the distribution:
- Intentional Depletion of Assets;
- Career Advancement;
- Medical Conditions;
- Custodial Care;
- Mortgage Payments;
- Custodial Parent;
Keep in mind that both spouses can avoid going to court if all parties involved can agree on their property division, which means the court will only intervene if one or the other party cannot agree on the terms.
The Bottom Line: Understanding Family Patrimony and Unequal Division
Going through a divorce involves riding through a rollercoaster of emotions, and dealing with property division is just one of the many bumps ex-couples will have to face moving forward. Having an attorney specializing in family law should help you navigate the complex process, making it easier for you to figure out the next best step as you move on from the old chapter in your life.
Are You Looking for a Lawyer to Help Settle Matters for Your Asset Division?
If you’re looking for a reliable family lawyer in Canada to help you with your cases, such as property division, Dreyer and Associates Family Lawyers LLP can come to your aid.
Our firm is committed to preserving the best interests of families. With an array of experience across family law, wills and estates, and residential conveyancing, we can simplify the legal process for our clients.
Call us at 604-539-2103 and learn more about how we can help you today!