Dividing Complex and High-Valued Assets
Marriage is an economic multiplier that often produces assets. Ontario’s Family Law Act presumes marriage as an equal partnership. When a marriage breaks down, the Family Law Act allows spouses to equalize the growth of their assets throughout their marriage. The approach focuses on the date of marriage and date of separation values of assets and debts. At The Law Office of Thomas J. MacLennan, we can assist you in these matters related to property division:
- Equalization of net family property
- Valuation issues
- Constructive and resulting trust claims
- Hidden assets
- Business interests
Dividing Property during an Ontario Divorce
Married spouses can seek an equalization of net family property after a breakdown of their marriage. In doing so, the spouses share in the growth of their assets over the marriage.
Common law property remedies are available to both married and common-law spouses. At The Law Office of Thomas J. MacLennan, we work with experts like accountants, business valuators, and real estate appraisers to accurately value assets during a divorce.
Our team will conduct the due diligence to determine the appropriate equalization payment. Our focus is to collect information to determine net family property. The values of all property at the date of marriage and the date of separation are used. After determining those values, the spouse with a higher Net Family Property pays half the difference to the other spouse, thereby equalizing the growth in their assets during the marriage. Exclusions can come into play. It’s best to consult Thomas J. MacLennan directly about your circumstances. We have over 35 years of experience in complex and high-asset property cases.
The Matrimonial Home
In Ontario, each spouse has a right to occupy the matrimonial home. The matrimonial home is the home spouses ordinarily occupy when they separate. A spouse may not deduct the date of marriage value of a matrimonial home when calculating net family property. In short marriages, this may cause an unfair windfall. In those cases where the marriage is less than five years, an unequal division of property may be available.
To discuss your unique situation, contact our highly knowledgeable Toronto property division lawyer through our online form or call 416-591-1354 to arrange a consultation.