Oshawa Division of Property Lawyers
Division of property can be one of the most challenging issues for ex-spouses to deal with following a separation or divorce. When you marry someone, or live with a common–law partner, it is not just your life that becomes joined with someone else’s. Usually, many of the assets or things you acquired while married or living together become joined too, especially if you were together for a long time. For example, maybe you bought a house and some furniture together. Maybe one of you already owned the house, but the other one invested time, money and effort to renovate it. Maybe you opened joint savings and investment accounts. There are also the smaller, everyday purchases that may not be very valuable on their own, but cumulatively could be worth a substantial amount of money. Or, some items may have sentimental value even if they are of little value financially.
If you decide to separate, it can be challenging to determine who should get what. Questions of property ownership and, therefore, the ultimate division of property, can become challenging very quickly. At Borden Family Law in Oshawa, our experienced family lawyers can help clarify difficult property issues. For 17 years we have practiced exclusively family law and have helped thousands of clients sort out their legal, financial, and property matters following the end of a relationship or marriage in a cost-effective and efficient manner.
Married Spouses and Division of Property
The law provides that the value of any kind of property that was acquired by a spouse during the marriage and still exists at separation must be equalized between the spouses. “Property” includes things such as the home you and your spouse owned and shared, its contents, any other real estate, pensions from employment, Canada or Quebec Pension Plan credits, RRSPs, investments, bank accounts and cash and even pets. Also, any increase in the value of property owned by a spouse at the date of marriage must be equalized.
There are some possible exceptions to these rules, which are called excluded property, and may include gifts or inheritances received during the marriage from someone other than a spouse, provided that the gifts or inheritances were not used towards a matrimonial home.
At Borden Family Law, we work hard to ensure that you receive your fair share of the property accrued between you and your partner during the marriage and guide you to make common-sense pragmatic decisions.
Common Law Partners and Division of Property
If you are in a common-law relationship, you do not have the same property rights as a married person. As such, you are not entitled to an equalization payment but may be entitled to a payment from your spouse to compensate you for a direct or indirect contribution to property that he or she owns. These claims are referred to as trust claims.
At Borden Family Law, we will explain all these factors and help you understand them and also how they might be used to best structure your separation agreement or court order.
Oshawa Family Lawyers Advising Married Spouses and Common Law Partners on Division of Property
If you are planning to separate, or you have already started the separation process, contact the family lawyers at Borden Family Law in Oshawa. We will help guide you through the process of property division, outline your options, and ensure that your legal and financial rights are protected. Call us at 905-576-6090 or contact us online for a consultation.