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1/6/2010
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
VerifiedWhat province do you live in?
When a marriage breaks down, there is a process called an Equalization of Net Family Properties that takes place. Basically, each spouse will determine what family property they own and then the spouse with the higher net family property will pay an equalization payment of 1/2 the difference to the spouse with the lower net family property.
However, as a general rule, if a party brought a particular asset into the marriage, they will be able to exclude this asset from the calculation and it is not subject to division.
In Ontario, there are special provisions relating to the matrimonial home. Specifically, a spouse is not able to exclude the matrimonial home from equalization, even if they owned the home prior to the marriage. It also does not matter who is on title to the property or who is on the mortgage. It will be subject to equalization.
Hope this explains.
Kindly accept so that I can be credited with the above assistance.
LawyerProfessor, Lawyer
Category: Canada Law
Satisfied Customers: 843
Experience: Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997
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