Home Legal How Assets Are Split During a Divorce

How Assets Are Split During a Divorce

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Divorce can be a very emotional time for families as the proceedings tend to get very emotional. Especially when there is a long term marriage, it can be quite difficult to ascertain which spouse is legally entitled to what in Canada. Within Canada, the assets are divided according to the rules of the province that you were married, thus, it is best to consult a divorce lawyer in order to figure out which rules apply to your divorce.

General Division of Property in Canada

The Constitution of Canada stipulates that each province is individually responsible for the laws pertaining to division of assets or the equalization of marital property. It is for this reason that the laws tend to vary on a province by province basis. That being said, the general rule of thumb with property division in Canada is that the value of any property acquired during that marriage that is still in possession when the spouses separate is divided equally between the spouses. If the spouses brought in their own property from before the marriage, it is not to be divided, but if this property increased in value throughout the duration of the marriage, then the increases will be divided between the two spouses during the dissolution of the marriage.

There are some exceptions to these property division laws and one of these exceptions relates to the matrimonial home where both spouses resided at the time of divorce. If one spouse owned the matrimonial home before the date of the marriage, then they do not get any credit for it when the marriage terminates. Regardless of which spouse has their names on the deed of the house, both spouses have an equal opportunity to remain living in the marital home.

How Obtaining a Divorce Lawyer Can Help

A Divorce lawyer is a worthwhile investment in any divorce proceeding; however, it is particularly beneficial if there is a business owned by both spouses to seek legal representation. The reason for this is that the change of ownership in a business can get quite difficult to litigate when the business was in one spouse’s family previously or the spouses started it together from scratch. Additionally, if there are children involved, having legal counsel allows for the potential to schedule a mediation session to arrange custody schedules if both spouses are unable to agree among themselves.

In order to find the right divorce lawyer for your upcoming case, it is usually best to interview several different attorneys in consultation appointments. This will give you an opportunity to discuss the individual details of your upcoming case and see which attorney is the best fit. The sooner that you start this process, the sooner, you will have your divorce behind you with a successful outcome. You can find more information at Matrimonial Home.

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