In Ontario, property acquired by a couple during marriage must be divided equally when the marriage ends. Determining which property is marital and how to distribute assets upon divorce can be challenging. Our experienced property division lawyers are here to help you understand the different types of assets in Oakville divorce cases and how to move forward on a strong financial footing after assets are split. To learn more about the divorce process and assets involved, reach out to The Riley Divorce & Family Law Firm to schedule a consultation today.
Couples entering divorce are subject to the Divorce Act, which governs property division. During the divorce process, courts review property division issues before the divorce is finalized. When dividing family property, courts look at two important dates: the date of marriage and the valuation date, also known as the separation date.
The economic partnership between a couple is said to run between these two dates. Assets gained during this time, or appreciation of property value, will need to be shared equally between spouses upon divorce. Determining the date of valuation and asset values can be a complex and contentious process. Our skilled Oakville divorce lawyers help clients understand asset types and navigate through these issues.
Family property can include a wide range of assets. During a divorce, all assets must be identified and valued for property division. In an Oakville divorce case, some common types of assets include:
The matrimonial home can include a home shared by both spouses before separation, along with cottages and vacation homes shared during the marriage. Each spouse is generally entitled to half the value of each matrimonial property, although agreements can be made to divide properties without selling the homes.
Checking accounts, savings accounts, money market accounts, stocks and bonds, and other liquid financial assets will be valued and split during the divorce process.
Retirement accounts such as 401ks, pensions, IRAs, annuities, profit-sharing plans, and deferred compensation are considered assets in divorce proceedings. Since some of these assets could have begun accruing before the marriage, it is important to value the marital portion of these accounts with guidance from a lawyer and financial professionals.
Under Canadian Family Law, the value of a business acquired or begun during marriage must be shared upon divorce. If you owned a business before the marriage, you can still retain ownership, but any increase in business value during the marriage must be shared with your spouse. Some businesses might be exempt from family property, depending on how they were formed and whether assets were intermingled with marital assets. Our divorce lawyers could help you preserve your business interests during a divorce.
Some types of assets are not subject to sharing in an Oakville divorce settlement under certain circumstances. Exceptions to marital property include:
Spouses can agree to share assets after divorce based on their own preferences rather than splitting all assets on a 50/50 basis. However, the court would need to find that any divorce settlement is fair to both parties. Our team of lawyers could help craft a settlement that suits your goals and will be acceptable to a judge.
The divorce process involves asset division, which can be complex and highly disputed in some cases. Our knowledgeable lawyers are here to answer your questions about the types of assets in Oakville divorce proceedings and explain how to meet your goals concerning property. With 24-hour availability, contact us at The Riley Divorce & Family Law Firm at any time to schedule a consultation.
The Riley Divorce & Family Law Firm
