Dividing Complex and High Valued Assets
When two people live together, they typically acquire assets which they share. When they decide to go their separate ways, such as in the case of a divorce, it can be extremely difficult to value and divide their property, especially when their assets are complex and have high value. At The Law Office of Thomas J. MacLennan, we can assist you in the following 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 in Ontario. At The Law Office of Thomas J. MacLennan, we work with experts like accountants, business valuators and real estate appraisers in order to accurately value assets during a divorce.
Our team will conduct the necessary due diligence to determine the equalization payment. Our focus is to collect information and determine your net family property. We will value all property at date of marriage and at the date of separation. After the determination of these values, the spouse with a higher amount of assets pays the difference to the other spouse. There are exclusions that can come into play. It’s best to consult Thomas J. MacLennan directly about your circumstances. We have more than 25 years of experience in complex and high asset property division.
The Matrimonial Home
In Ontario, each spouse has an equal right to occupy the matrimonial home. The matrimonial home is the home spouses are living in when they separate. A spouse is not allowed to deduct the date of marriage value of a matrimonial home when calculating net family property. In short marriages, this may result in an unfair windfall. In those cases 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.