4 Things to Know About Division of Assets During Divorce

Are you heading for divorce? If so, we understand that it can be an emotionally challenging time for you. However, if separating from your spouse is the best way to lead a happy and fulfilled life, you mustn’t feel hesitant to move forward.

And having a professional divorce lawyer Barrie can be highly beneficial, especially, when it comes to understanding the division of assets between you and your ex-spouse.

Here’s what you should know about the division of assets during divorce.

• Every Canadian province has different rules and regulations for the division of assets during divorce. Hence, it is important to understand the rules specific to your province.
• The division of assets during divorce happens according to the Family Law Act. According to this law, both parties in the marriage are considered equal and no spouse gets any kind of financial privilege. Hence, if one partner took care of the household and the other brought income into the house, they both would be considered equal in the eyes of law based on their contributions.
• When dividing assets during divorce, the division will happen based on the total value of the property and the total income bought by both spouses in the house. The final value will be equally distributed amongst the spouses following the equitable distributions provision according to the Family Law Act.
• The provisions also consider if the profit on the property was significantly increased in the past years. If so, the profit will be equally divided between the spouses irrespective of who bought the property.

There are several other provisions in the Family Law Act regarding the division of property and assets. Having an experienced Barrie divorce lawyer can help you understand these provisions effectively. For example, the Family Law Act doesn’t include similar clauses for the division of matrimonial homes as it does for any other type of property.

Moreover, as mentioned above, the laws for the division of assets during a divorce are different in each province. Hence, consulting a divorce lawyer is always the best way to move forward. If you haven’t hired a divorce lawyer for your case, make sure to get in touch with us at Owen and Associates Law. We are a leading firm in the region to provide professional, certified, and experienced divorce lawyers, child custody lawyers Barrie, real estate lawyers, and more.

Contact our team of lawyers now to find out more about how we can represent you and get the best possible outcome.