There is much to consider during a separation and divorce, but one of the most frequent question is “Who gets what?” For some couples the division of property can get very messy, while others are able to deal with it quickly and easily.
In the eyes of the law, a marriage is an equal partnership. So, whether a spouse is responsible for running the household or earning family income, their contribution to the relationship is equally important. When a marriage ends, the partnership is over and property has to be divided.
The general rule for this division is: “The value of any property that you acquired during your marriage and that you still have when you separate, must be divided equally between spouses. Property that was brought into your marriage is yours to keep, but any increases in the value of this property during the duration of marriage must be shared.”
This theory is applied to most family assets with some exceptions, one of the most important exceptions being your matrimonial home.
When I meet with my clients, a “to do” list is provided. This list helps my client gather the relevant documentation and helps me prepare the clients financial statement. The financial statement will later be used to complete a Net Family Property Statement which compares the parties individual/joint property and debts to establish who owes whom an equalization payment, if any.
Examples of property that may be equalized are:
- bank accounts