EQUALIZATION & DIVISION OF PROPERTY LAWYER MARKHAM
When a couple separates or divorces, the Ontario Family Law Act allows the respective parties the right to an equalization of net marital or cohabitation assets and property acquired during the time married or cohabitating together.
Essentially, the person with the higher net worth pays the other person half of the value of the difference in their net worth. For instance, person A has a net worth of $1 million and person B has a net worth of $500,000. In general, both parties are entitled to an equal share. As such, each person would be entitled to $750,000 each. So, person A would pay person B $250,000.
Keep in mind, this is just a simple example. Equalization and division or property issues can be very complex. At AP Lawyers, we will first determine if there is a marriage contract or cohab contact in place and what the terms of that contract are to determine proper equalization and division of property.
If there is no contract, then our Markham equalization and division of property lawyer will review financial statements, property holdings, and other assets to determine what a fair distribution amount would be for each person.
Our lawyer will also review the length of the marriage or cohab relationship as this does affect what each person is entitled to receive. We also examine any such assets or property that may be excluded from net marital or cohab assets and property.
Our goal is to ensure you receive a fair equalization and division of property agreement. For further assistance, please feel free to contact our law firm to schedule a consultation with our equalization and division of property lawyer in Markham today!