Property Division After Marriage
We Can Assist With All Of Your Separation Needs
The decision has been made to end your marriage. The eyes of the law states that a marriage is actually an equal partnership, so in actual fact, any property needs to be divided fairly because the partnership has ended. The general rule of thumb is that the property, also known as assets, is divided 50/50. Assets you brought in to the marriage are yours, however if they have increased in value the difference (profit) must be shared 50/50. This is when things get confusing and enlisting the help of Angela Grant Lee Law would be very beneficial.
Property is basically everything owned by you and /or your spouse at separation. Generally, these are the assets that need to be divided:
- The family home (see below)
- RRSPs
- Investments
- Insurance policies
- Pensions
- Businesses
It doesn’t matter whose name is on any of these…they are all considered family property.
Of course, like most matters, there are exceptions. They are:
- Gifts received during the marriage from someone other than your spouse.
- Inherited property.
- Money received from an insurance company.
The family home is a different matter and can be confusing when dividing property. Chances are you will need legal advice from Angela Grant Lee Law.
Some marriages have been known to dissolve amicably without the need for lawyers, but a conversation or two about the property needs to take place and agreed upon and added in to the Separation Agreement. Each situation is different and your lawyer knows this and will make sure your financials are in your best interests. The division of property can be polarizing and really hinder the separation process. Most of the time, calculations of the property’s worth should take place. This could include each spouse’s net worth at separation. Your lawyer will gather all the related information to aid in the drawing up of a fair Separation Agreement. If the parties can’t come to an agreed upon division of assets, their lawyers may have to present their cases to a Judge at Family Court.
Your Burlington lawyer will help you avoid that trip but if the need for Family Court is necessary, rest assured, they will be there for you. Yes, dividing up property can be stressful and cause emotions to run high and that’s exactly the reason for a lawyer. Let them guide and support you through this time. Grant-Lee Law will take care of the legalities within your financial means. However, you need to take care of yourself and your child once the separation is decided upon using a co-parenting arrangement that will work.
Angela Grant-Lee and her team will strive to help you find a solution to your financial needs. Reach out to the team online at www.grantleelaw.ca or give them a call at (905) 315-6837. Angela Grant-Lee has a lot of Family Law experience so that you can focus on other matters, like your well-being, like your well-being.
Angela Grant Lee Law’s family lawyers and staff is here to help you
