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1/19/2010
VerifiedPlease let me know how long you've been married for.
Also, give me a general idea of what other assets there are and whether they were acquired before or during the marriage.
And, what province are you in please?
Also, give me a general idea of what other assets there are and whether they were acquired before or during the marriage.
And, what province are you in please?
In Ontario generally all assets and debts are split equally.
This does not include gifts, inheritances or assets brought into the home though any increase in value of the assets is shared.
There is an exception for the matrimonial home but that applies only to the current matrimonial home. Had you brought the current home into the marriage it would have been shared because of the special treatment that a matrimonial home gets. But, that doesn't apply to the original house you brought into the marriage.
In Ontario each spouse calculates his or her net family property (sort of like net worth). This is what you would do. You would add up the value of all assets in your name at the date of separation. From that number you would subtract all debts in your name. Then you would subtract all gifts or inheritances you got during the marriage. Then you would subtract all assets brought into the marriage and for you this would include the home your brought into the marriage.
You will then compare your total to your wife's. Whoever has the higher number has to pay an amount called an equalization payment to the one with the lower total so that you both have the same net family property.
It's a bit complicated and for this reason it's really important that you consult with a family lawyer before agreeing to anything more.
What you can do to find a lawyer is one of the following things.
You can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free.
The number is:
1-900-565-4LRS (4577)
Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.
Here's the link to their website:
http://www.lexpert.ca/Directory/DirectoryContent/FindLawyersOrFirm.aspx
I hope that helps as a starting point.
Please click accept so that I can receive credit for providing you with this information.
This does not include gifts, inheritances or assets brought into the home though any increase in value of the assets is shared.
There is an exception for the matrimonial home but that applies only to the current matrimonial home. Had you brought the current home into the marriage it would have been shared because of the special treatment that a matrimonial home gets. But, that doesn't apply to the original house you brought into the marriage.
In Ontario each spouse calculates his or her net family property (sort of like net worth). This is what you would do. You would add up the value of all assets in your name at the date of separation. From that number you would subtract all debts in your name. Then you would subtract all gifts or inheritances you got during the marriage. Then you would subtract all assets brought into the marriage and for you this would include the home your brought into the marriage.
You will then compare your total to your wife's. Whoever has the higher number has to pay an amount called an equalization payment to the one with the lower total so that you both have the same net family property.
It's a bit complicated and for this reason it's really important that you consult with a family lawyer before agreeing to anything more.
What you can do to find a lawyer is one of the following things.
You can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free.
The number is:
1-900-565-4LRS (4577)
Or you can check on a site called lexpert. This is a legal directory of leading lawyers and law firms throughout Canada and is well-respected by the legal community.
Here's the link to their website:
http://www.lexpert.ca/Directory/DirectoryContent/FindLawyersOrFirm.aspx
I hope that helps as a starting point.
Please click accept so that I can receive credit for providing you with this information.
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