Property issues also need to be addressed on separation. The Family Law Act allows a legally married spouse to ask the court to divide the value of the property they accumulated through the marriage ("net family property”) into equal shares. In certain cases the value of property brought into the marriage is excluded from division (unless it is the matrimonial home at the date of separation). If you have a larger portion of the net family property in your name, you must pay your former spouse an equalization payment which represents one half of the difference between your “net worths”. There are exceptions to this general rule and we can explore the facts to determine where your case may fall.
If you and your spouse owned the home you lived in at the time of separation, that residence is a "matrimonial home” and subject to its own distinct property calculation. There may be more than one matrimonial home, such as cottage or chalet that is utilized as a family residence.
The division of net family property is not always straight-forward, and Day+Borg LLP can help you through the nuances. There are circumstances when a court may allow for an unequal division of property that may need to be examined. We will provide you guidance in the calculations, which property you can keep safe from equalization, and how to approach the overall division of the matrimonial home or homes.