Property division can become very contentious in a separation or divorce. As you both look back at what you have built together and look ahead to what you will need to take with you in order to support yourself in the future, deciding who gets what can become challenging.
The Family Law Act of Ontario makes provision for the division of property of married spouses on separation and divorce. The common law also contains rules about the division of property for common-law spouses. An awareness of your rights and obligations under this statute and the common law is important, and we can provide this for you.
It is important to keep in mind that in family mediation and collaborative family law you can, by mutual agreement, come up with your own rules for the division of property and often unique and creative solutions can be reached this way that are better for all.
Some Common Questions
As part of these property division discussions, we consider:
- the assets built up during the marriage
- gifts and inheritances
- the value of property such as the marital home, cottages, time shares and other real property
- the value of complex assets such as businesses, securities and pensions
- what to do about unusual property such as stock options
- debts of all kinds
- assets that you brought into the marriage
- the valuation date for property division purposes
- any other important consideration that may be unique to your situation
Through approaches such as family mediation and collaborative family law, we can focus on keeping the process respectful and fair and focused on what matters to you most. We can also draw on the expertise of other professions, such as financial planners, business valuators, tax experts and others, if necessary.
Contact John G. Goodwin
If you have questions about property division in Ottawa and surrounding areas of Ontario, contact me at 613-236-0662 or fill out my online form and we will contact you.