Family Property Division
All Individual and jointly owned assets and liabilities accumulated from date of marriage to date of separation is considered “Family Property”. Upon the dissolution of a marriage each spouse is entitled to an equal division of this property. The goal is to ensure the financial health of both parties regardless of their individual financial contributions during the marriage.
Upon obtaining full financial disclosure a professional Net Family Property Statement (NFP) will be prepared. Typically, the NFP will result in an “Equalization Payment” owing from one spouse to the other in order to achieve an equal division. Once the equalization payment has been calculated, the terms of payment are determined.
Examples of Disclosure:
- Value of Home / cottage / investment properties / cars / recreational vehicles / bank accounts / Pensions / RRSP’s / TFSA / stocks
- Business Valuations
- Insurance Policies
- Mortgage / Lines of credits / Loans / credit cards
- Tax returns / NOA’s / T4’s