Do you wonder how property division after divorce is really settled in Ontario, Canada? Are you perhaps worried that you might lose half of all your property if you get divorced? This is not at all surprising given that we all repeat the same “what’s mine is yours” mantra when we marry another person.
However, according to the family law in Ontario, you and your spouse won’t be splitting the property you shared fifty-fifty. Instead, what is looked at here is the value of the property that you two acquired while you were married and that you still own. In other words, property division after divorce looks at the value of the property, rather than the actual property.
What if the Two Parties Cannot Settle Property Division After They Get Divorced?
In case the two parties cannot agree as to the best way for property division after they get divorced, the dispute will be settled by a judge in the court of law.
The court will then look carefully at both cases and listen to both sides and their lawyers before reaching a final decision.
In Ontario, the division of the married couples assets is determined by the Family Law Act.
Who Will Get the House After Divorce?
Both parties in the marriage have an equal right to possession of a matrimonial home, despite the fact that one of them might be the owner.
if only one of the spouses, for example the wife, has an interest in the house, the other’s right of possession is either:
- Personal as against the other spouse
- Ends with the divorce or separation.
The other option does not apply if the court orders differently or if the two parties agree differently in their separation agreement.
What Can be Excluded and What Not from Property Division After Divorce?
Both spouses can exclude certain things from property division after divorce. This includes:
- Your inheritance
- Personal injury settlement
- Other things excluded in the marriage contract
However, certain things, like the money put into the matrimonial home you and your spouse shared during marriage cannot be excluded from property division. The same, albeit with some complicated rules, apply to any things put into the joint account. Because of this, anything put into the joint bank account is presumed to be a joint asset and shared equally between the two parties.
Watch this episode to learn more about property division after divorce in Ontario, Canada.
For more information on family law contact:
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