This is how you do the calculation.
You take the value of each asset that is in your own name and take half the value of any jointly held asset.
If the asset is the house you subtract what the disposition costs would be. If it is and RRSP you also reduce the value by what you would have to pay in taxes if you cashed the RRSP out.
Then if any of the assets are from a gift or inheritance you subtract the value of that asset.
You then subtract the debts in your name (again taking half if the debt is joint).
Finally you subtract the value at the date of marriage of any asset brought into the marriage.
Then you do the same calculation for your spouse.
You will get a total for each of you. This is called your Net Family Property.
The spouse with the higher amount pays half the difference between the higher amount and lower amount to the other spouse to equalize the totals. That is the equalization payment.
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