Going through separation or divorce is a highly stressful process. The ongoing disagreements over asset separation, finances, children's health and their welfare creates intense feelings between couples and ex-partners. During this time it's important to tak care of your emotional and mental health.
The Professionals at Canada Family Mediation will help you keep your focus and guide your legal interests and protect your assets. Our team of experts specialize in family law, family mediation and family finances. We help set the stage for you to move forward and navigate the emotional challenges and stressors during separation, co-habitation or separation.
Equalization of assets isn't just fot divorce couples, but for couples cohabitating for a specific time period. As each case circulstances differ, it is important to seek professional advice or support.
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Ontario's Family Law Act provides a mathematical formula for the accounting and dividing of assets and debts acquired during marriage. This method is called Equalization of Net Family Properties. For this to happen, each spouse completes a form called a financial statement and lists all of their accumulated assets and debts on the date of marriage and date of separation.
Documents pertaining to assets, debts, income and expenses set a basis for the formula. Once, gathered they are reviewed by our financial department and determine the best course of action.
It is not unusual for couples to fall on hardships over the years. Family finances change over the years due to loss of employment, spending habits or sudden obligations and unfortunately debt slowly follows. These financial strains cause stress on relationships and may lead to separation. The equalization calculation helps us get the full picture of each party's assets and debts to ensure everyone is equally responsible for their share.
Home and property ownership laws vary. There are specific laws that may complicate the division of assets and debts. In Ontario, the law places the rights to the matrimonial home or cohabilation in separate category.
The separation triggers 3 processes
1. The home is sold on the open market.
2. One partner buys the other out.
3. They continue owning it together until they processed with #1 and #2
Each case is unique and different, to learn more how we can help protect your assest, book your free complimentary session or fill out the form below.