Whenever a couple decides to separate, they must determine how to split their assets. A divorcing couple must also split up any debts or liabilities accrued during a marriage. For most couples, those assets consist of a marital home and any money earned by the couple during the marriage. But what happens when a couple owns more complicated types of assets? How do they split those assets in a fair and equitable manner?
A knowledgeable Toronto complex property division lawyer could help you understand your legal rights and options when it comes to dividing your assets.
When couples separate, they need to separate and divide their marital property in an equitable manner. Some assets, such as the money in a family’s savings account are easy to divide because you know exactly how much they are worth just by looking at a couple’s bank statements. However, not all assets can be easily divided. The first step in determining how to separate a couple’s jointly held assets would be to examine all of the assets and assign a monetary value to each of them to have a complete understanding of the full value of the couple’s estate.
Some examples of more complex properties that are more complicated to divide in Toronto divorces include:
The well-versed lawyers at the Riley Divorce & Family Law Firm could help you define and give value to these assets by using their skills, knowledge, and experience, as well as working closely with forensic accountants, real estate appraisers, financial planners, business planners, and other financial experts.
After identifying and assessing the value of each complex property, a dedicated legal team from Toronto could help with the division of those assets. Many of those assets require special consideration when transferring titles and ownership. For instance, if a couple owns an investment property, a skilled lawyer could help execute the necessary transfer documents, including a deed, so that one spouse could transfer full ownership to the other spouse. Some retirement accounts and business interests cannot be easily transferred without subjecting them to penalties, so a well-informed local lawyer could help search for alternative methods to achieve an equitable distribution of these complex assets.
Dividing a couple’s marital assets can be very complicated, especially when the couple owns complex properties. A dedicated legal team could use their extensive resources to help guide you through the legal process by reviewing and evaluating your assets.
Consult with an experienced Toronto complex property division lawyer today to get started on making sense of your divorce.
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