When you and your spouse separate, property will need to be divided. Property includes anything you own such as your homes, cars, personal and household items, pensions, bank accounts and other investments. As well, property also includes any outstanding debt.
In Canada, if you lived in a common law relationship, you do not have the same property rights as if you were legally married. Whether your common law relationship or marriage has ended, division of property claims
remain a complex matter that requires the help of a lawyer.
The first step in determining property claims
is for each spouse to calculate the value of their net family property
. This requires each spouse to list their acquired assets at the time of separation and their total value. Based on this amount, you will deduct the value of:
- Debts owing upon separation
- The property brought into the marriage
- Any inherited property
- Compensation for personal injury
There are exceptions and more complex issues surrounding division of property claims
. It is also important you and your spouse agree on the amounts when division of property claims
are concerned. If amounts are not agreed upon, property claims
could go to court and become costly.
Call RS Law Office in Mississauga, Brampton & Caledon today so we can discuss your situation. Division of Property claims
require the expertise of legal counsel to ensure each spouse receives the amount of compensation they are entitled to.