After separation, property can be an issue, whether you are married or common law.
For married couples, an equalization payment will likely need to be made. The general rule is for parties to equally share in the accumulation of the net family property. Ownership doesn’t necessarily change, but instead a payment is made by one person to the other, to equalize the property.
Some property may be excluded from being shared, such as gifts from third parties, inheritances, lottery winnings; although, there are certain conditions that must be present.
Assets include real estate, work pensions, bank accounts, investments, and business interests, to name a few. Be sure to determine the debt or liability if there is one attached to the asset. We help you determine how to calculate your net family property and any equalization payment.
For those who lived in a common law relationship, property is treated differently. Generally, the parties will keep what is in their names. In some cases though, one person may want to consider making a trust claim against the other person’s property, depending on the facts.
To schedule a confidential and free 1/2 hour consultation in Burlington, please call our office at (905) 336-6919.