Equalization Payments
At separation, a married couple must “equalize” the wealth that they accrued during the marriage pursuant to a formula under the Family Law Act. Proper calculation of this “equalization payment” is critical. It requires careful consideration of many factors, including:
What assets and debts were brought into the marriage
How title to property is held
whether property was acquired through gifts, inheritances, insurance payments, etc.
Once equalization is calculated, we help clients figure out how to pay it or receive it, including through property transfers, pension roll-overs, cash settlements or installment payments. In all cases, thorough and transparent disclosure is critical for both sides to ensure a fair settlement is reached.
Homes, Cottages and Farms
These properties often raise intense emotions. They are the source of memories (good and bad) and they are often the most valuable asset in a separation. It is critical to understand your rights to own or use them after separation, to share in their value or to force their sale. “Matrimonial homes” and farms also receive special treatment under the Family Law Act. We’ll walk you through how to value these properties, how to enforce your rights to them and how to use them to drive a final separation agreement to its conclusion.
Family Businesses
Building a business takes years of planning, dreaming, unpaid labour and sacrifice. By the time a couple separates, a business can be the family’s main source of income and financial planning. Valuing the business, protecting it and keeping it productive is a critical consideration in a separation. We work with top-tier financial professionals to help you achieve these goals and to ensure that the business is properly incorporated into a fair financial settlement.
Common Law Relationships
Couples that live together but do not get legally married are often referred to as “common law”.
Property division for common law couples can operate very differently than it does for married couples.
It is important to consult with a family law lawyer about the history of the relationship, how and why assets came to be held as they are, and whether spouses made contributions to each other’s financial well being that may not be reflected in the way title to property is held. All of these factors can result in property rights and obligations arising even if the property is not jointly held.
We know the law in this area well and can help you understand how it applies to your separation.
Disclosure And Transparency
Fair property division starts with financial disclosure by both sides. We help ensure transparency in disclosure using court orders and sworn financial statements. Our approach safeguards your rights and prevents surprises by making sure assets and liabilities are fully accounted for before an agreement or court order is finalized.