Understanding the categories, classes, and types of assets in Ottawa divorces is key to negotiating a property allocation agreement that is fair and equitable to both parties. Our property division lawyers at The Riley Divorce & Family Law Firm carefully analyze assets that may be at issue, which party was responsible for bringing those assets into the marriage union, and how applicable laws will impact asset distribution.
Our legal team has in-depth knowledge of all classes of assets that may be at issue in a divorce, as well as methods that a spouse might use to shield assets from fair consideration. We are available to address your questions and concerns 24 hours a day, and we are prepared to work tirelessly to protect your rights and interests throughout your divorce proceedings.
Canadian law generally structures property allocation settlements to divide net family property equally between divorcing spouses. In an Ottawa divorce, many types of assets may not be amenable to straightforward valuation. Further, certain asset classifications may be excluded from division, depending on when and how they were acquired and whether they are contractually excluded by prenuptial agreements. Many asset division agreements involve:
The market value of many of these assets may not be readily determined. Additionally, asset ownership that is contingent on the occurrence of certain events will likely get a current discounted value for division purposes. During the early stages of your divorce, your lawyer should compile an inventory of all assets and determine how values will be established as you proceed into property division negotiations.
Certain types of assets are not included in the total pool of property that will be divided between divorcing spouses in Ottawa. Assets such as cash or personal goods that a spouse inherited or that were given to one spouse as a gift are excluded. Additionally, damages compensation awarded to one spouse through a settlement or verdict in a personal injury lawsuit cannot be divided.
If there is any property that was wholly owned by one spouse before the parties were married, that property remains with that spouse. However, any increase in the market value of that property will be treated as net family property that is subject to asset division and allocation.
Families, especially high-net-worth individuals, often have complex asset holdings that require careful inventorying and analysis during the marriage dissolution process. Please call our lawyers at The Riley Divorce & Family Law Firm at any time for advice on identifying and allocating various types of assets in Ottawa divorces and for experienced representation in divorce cases.
The Riley Divorce & Family Law Firm
