Oshawa Family Lawyers Advising on Equalization Payments
Following the end of a marriage, a former couple must determine how their property will be divided. In family law, this process of dividing family property is known as equalization. It is intended to monetarily balance things out so that each former spouse takes an equal amount of property, possessions, and money away from the relationship.
However, it is almost impossible to draw a line right down the middle of a couple’s shared assets. One spouse may want to keep the matrimonial home which will mean equalizing the other’s share of the assets by either giving up their share of something else, like a pension or RRSP, or paying out in cash. Equalization can often be an emotional process because of the sentimental value of certain items or possessions.
At Borden Family Law in Oshawa, we have been helping clients sort out legal issues following the breakdown of their relationship for more than 17 years. We can advise you on the equalization process, help you calculate the worth of your debts and assets, assist you in negotiating with your ex-spouse, and explain potential alternative options such as Mediation, Arbitration or Collaboration.
Equalization Payments in Ontario
In Ontario, equalization is governed by the Family Law Act, which states that each partner should have an equal share of the net value of any property acquired from the date of marriage to the date of separation. The date of separation is critical to the equalization process.
While seemingly straightforward, equalization can be complicated by a number of factors including business ownership, high-value personal assets, international property or second homes, inheritances, other financial assistance or gifts from parents or family members, as well as the emotional baggage of dividing personal possessions that may have a lot of emotional value.
Oshawa Family Lawyers Assisting Clients with Equalization Payments and Division of Property
If you are planning a separation, or have already begun the process, contact the knowledgeable and forward-thinking Oshawa family lawyers at Borden Family Law. We can advise you on your legal rights following the breakdown of your relationship, help explain your options, and ensure that your rights, possessions, and finances are protected. Call us at 905-576-6090 or contact us online to schedule a consultation. Ask about our flat fees and bundled services.