Regardless of the chain of events that led you to seek a dissolution of your marriage or even to terminate a relationship with a long-term partner, there are almost always legal hurdles that will arise during these actions. When these relationships end, one of the most common challenges is the appropriate and equitable division of assets.
Even if you are fortunate to have an amicable relationship with your former spouse, the division of marital assets—as well as the exclusion of assets not subject to division—should not be handled without the guidance of a seasoned family law practitioner. Moreover, should you find yourself in a contentious divorce, a Kawartha Lakes property division lawyer such as Paul Riley could help safeguard all assets you are entitled to and pursue the fairest and most favorable legal outcome possible.
Property division during a divorce in Kawartha Lakes is neither as precise nor as simple as some might wish, making it essential to work with a knowledgeable lawyer on these matters. The broader the range and the value of the assets at stake—which can range from the marital home, vehicles, and other physical possessions to financial accounts to any companies you own—the more complex these matters can become.
While the law separates marital property (property acquired during the marriage) from nonmarital property (property acquired before the marriage), many factors ultimately determine what assets are subject to be split between you and your former spouse. Additionally, while Ontario law requires an equal split of marital assets, this does not mean that you and your former spouse will receive an exact share of the property in question.
Instead, the goal is to apportion the value of the marital property at stake equally between both parties. Moreover, some types of property, such as the marital home, are subject to a specific set of requirements when distributing assets during the dissolution of the marriage.
Many factors impact the ultimate distribution of assets when a marital union ends. The legal term for this is the equalization of net family property. Determining the value of these assets can be a prolonged endeavor, particularly involving couples with considerable net worth, multiple properties, and/or who own their own businesses.
The calculation of how the value of the property should be split in half depends on various factors beyond the intrinsic dollar amount of the tangible or intangible assets involved. For example, the origin of the marriage and the date of the termination of the relationship are other key factors.
The calculations that determine the value of the net family property and how it is split are highly specific to the details of your relationship and assets, making it crucial to retain a Kawartha Lakes lawyer with considerable training in and knowledge of the legal nuances and requirements involved.
When you are dissolving your marriage or considering doing so, you must not leave your legal rights to fate. A Kawartha Lakes property division lawyer could address your concerns and questions one-by-one while laying out a comprehensive plan of action that puts your interests at the forefront and fully aligns with the body of laws governing these matters.
A dedicated legal professional at The Riley Divorce & Family Law Firm could help you negotiate an agreement that outlines the full scope of your property obligations and entitlements down to the most minute details. Schedule your initial consultation now.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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