When a marriage ends and couples divorce, they often have to split whatever property they acquired during the course of their marriage. Whether it is cars, homes, businesses, money, furniture, or even pensions, both parties may be required to divide the property equally, depending on the circumstances. However, the process of accurately valuing your assets or property and ensuring an equal division can be daunting.
This is why you need the help of an experienced Hamilton property division lawyer. At The Riley Divorce & Family Law Firm, our family law team can help protect your rights, explain the process, and work to help you get your fair share of the marital property you helped acquire. With 24-hour availability, you should contact us to discuss your case today.
The Family Law Act guides the property division process for legally married couples in Hamilton. Specifically, it focuses on both partners equally sharing the “profits” of their marital union. Although the guidance seems straightforward, the reality is that applying the set formula does not necessarily make for a fair division. In fact, even with adherence to the formula, the valuation and accurate division process can become complex.
The law specifically focuses on the Net Family Property (NFP), which is the difference between the value of property acquisitions before and after the marriage was made legal. Determining these valuations may include:
The partner with the most significant increase in their net worth typically owes the partner with less an equalization payment, ensuring both partners end up with matching net worth. For instance, if you entered the marriage with a $100,000 net worth and grew yours by $300,000, while your partner entered with $50,000 but grew theirs to $200,000, your NFP is essentially $200,000, while your partner’s is $150,000.
This means you would have a net worth that is $50,000 higher. So, in the interest of equal property division, the court will often mandate you to pay half of the difference, thus ensuring both of you walk away with an NFP of $175,000 each. This applies to all properties acquired during the marriage. An experienced property division lawyer in Hamilton will value all of them and creatively seek ways to ensure that both of you end up with a roughly 50-50 share.
While the government recognizes common-law partners in Hamilton, they are not automatically subject to the same equal property division laws as legally married individuals when their cohabitation ends. Each individual gets to keep what they personally own, while they equally divide what is jointly owned or owed.
As a result, property division for common law partners is trickier and more difficult to navigate. Partners who want more would have to file court cases on the grounds of unjust enrichment, where one partner benefited more financially as a result of the other’s sacrifices or contributions. They could also file a constructive trust claim, citing their individual contributions as giving them the right to a fair share of the acquired property. If you are in a common-law relationship and need guidance, our dedicated team of lawyers in Hamilton is here to help you with complex property division concerns.
Matrimonial homes are an entirely separate issue when it comes to property division cases due to many factors, such as individual contributions to their increased value, whether it is owned by one partner or jointly, whether it is partly used as a place of business, and whether a non-ownership partner also doubles as the primary caretaker for the children.
If you have any concerns about your matrimonial home and who could still live there after divorce or separation, we urge you to reach out to your team of property division lawyers in Hamilton to ensure your rights to your home are protected or that you receive a fair share if you and your partner choose to sell the property.
With our Hamilton property division lawyers, couples seeking an even property split after a divorce can get fair and equal distribution. Our legal team at The Riley Divorce & Family Law Firm can provide legal guidance, representation, and support that protects your interests and ensures you get your fair share of your hard-earned assets. Contact us to discuss your case today.
The Riley Divorce & Family Law Firm
