When marriages end, the courts help determine how the property the couple shared will be divided. While there are general rules for how this process should work, the judge overseeing the case has some leeway in making these decisions.
When you have questions about equitable distribution in Kawartha Lakes high-asset divorces, it is vital to seek answers immediately. The outcome of these decisions could impact your property rights substantially. A dedicated high-asset divorce lawyer from The Paul Riley Divorce & Family Law Firm could help you understand how property might be divided in your circumstances.
When a marriage ends, courts help decide how the assets the couple held are divided. Ontario law takes an approach that focuses on each party receiving an equal share of the jointly held property.
Not every asset will be divided during this process. Only shared assets that were obtained during the marriage are generally divided in divorce proceedings. A spouse typically has the right to retain what they brought into the marriage with one important exception: The family home will largely be treated as joint property even if one spouse owned it before the wedding.
There are several exceptions that could result in one spouse receiving more than the other. The process of equitably distributing property in high-asset divorces could result in some Kawartha Lakes residents walking away with far more than others. Awarding most of the property to a single person is known as unequal division. This is only possible by convincing a judge that it is necessary to ensure fairness. A party must be able to provide evidence showing that only an unequal distribution is fair.
Married couples accumulate assets over the years, but some also pick up debt. These obligations do not go away at the end of a marriage, which makes it necessary for the courts to determine which party will be responsible moving forward.
This process differs from how assets are handled. Any time a specific debt is in the name of only one spouse, they are solely responsible for it after the divorce is finalized. When both parties’ names are on the debt, they will split them equally. Just like with assets, there are exceptions that could lead to an uneven apportionment of shared obligations. For example, one spouse might be responsible on their own if they intentionally incurred debt or fraudulently placed their spouse’s name.
In Kawartha Lakes, a critical aspect of equitable distribution in high-asset divorce cases is the use of equalization payments. The purpose of these payments is for one spouse to provide assets to the other to ensure both sides get an equal share. A knowledgeable lawyer could help oversee this process so that a person understands their financial options and obligations.
The end of a marriage could be difficult for a variety of reasons, one of which could be financial challenges. When you are facing the breakdown of your relationship, now is the time to seek legal counsel. Your well-versed lawyer could advise you on creating a plan for an equitable distribution in a Kawartha Lakes high-asset divorce so you could move forward with your life.
The proactive lawyers at The Riley Divorce & Family Law Firm are available 24/7 to help you. Contact us today for a consultation.
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