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Debra
Debra, Lawyer
Category: Canada Law
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My wife and I are about to divide up our assets in a separation...but

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my wife and I are about to divide up our assets in a separation...but I need to replace my aging car...should I wait till after the assets are divided up?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.
The way the division of assets works in Ontario is that the date the assets are valuated is the date of separation so in many cases it is fine to purchase an asset after separation without it affecting the outcome. But you should not buy an asset if you are using a family asset to buy it as then your spouse would have a potential claim to that asset.Do you see what I mean?

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