If you are married, the division of family property is achieved in accordance with the Ontario Family Law Act through an equalization of the parties’ net family properties and is premised on the equal sharing of property accumulated during a marriage. This process applies only to married spouses. If you are not married, but have lived in a common law relationship with your partner for a period of time, you may have a property claim based on unjust enrichment and a joint family venture.
Family property can include everything from the family home and other real property, such as cottages and rental buildings, pension and other retirement accounts, and investments, bank accounts, stocks, business interests, and other assets. Special considerations may apply to property that qualifies as a matrimonial home, property held at the date of marriage, or property received through inheritance, gift, or other specified means. Debts and liabilities are also important.
To determine the division of property between spouses, parties are required to complete and exchange sworn Financial Statements setting out all assets and liabilities at the date of marriage and the date of separation and current, along with supporting documentation. This disclosure is required by the Family Law Rules for court matters. It's also necessary in negotiated agreements, as it allows your lawyer to properly advise you on your rights and obligations.
Property matters can quickly become complex, but we work hard to resolve disputes and find solutions quickly, effectively, and fairly so you can move forward after separation.