According to the Family Law Act, when two people enter into a marriage, each spouse is automatically entitled to an equal share of accumulated assets and finances.
In the event of a divroce or separation, how are total assets calculated?
Each spouse will need to disclose the value of their property on three key dates:
- Date of marriage
- Date of separation
- Current date
Property can include:
- Land
- Stocks
- Pensions
- Bank accounts
- Vehicles
- RRSPs
Certain assets are not included in the calculation of an individual’s net family property. For example, gifts or inheritances received by a spouse during the marriage may qualify as excluded property in some circumstances.
Our experienced family law lawyers provide clients with the information they require to make educated decisions about the division of property upon separation or divorce. Give us a call today.
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