How To Figure Out the Property Issues in Your Separation or Divorce in Ontario!

How To Figure Out the Property Issues in Your Separation or Divorce in Ontario!

Have you been trying to wrap your head around how you determine the property issues in your separation or divorce in Ontario?

It’s not that easy at all.  That’s for sure.

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

Both you and your former spouse must determine your net worth on the date of separation. 

What is your net worth?  Your net worth is the value of your assets minus the amount of your debts on the date of separation.

What assets must you include in your net worth calculation?  You must include your car, recreational vehicles, such as a boat and ATV, bank accounts, real estate, such as your home and cottage, investment properties, RRSPs, and pensions.  

Normally, you do not need to include your furniture and personal property unless they are very valuable.  Most spouses work out between themselves who gets what furniture and items in the house. 

You would include in your asset list any valuable tools, such as Snap On tools and valuable collections, such as coin and stamp collections.

If you and your former spouse are on title to the property for your home, you would only list half of the value of your home.  Your spouse would list the other half of the value in their net worth calculation.

It is important to know that there some important assets that are not part of your net worth calculation.  These include any assets that you owned on the date of marriage or any gift or inheritance you received during the marriage.

You also get to exclude any court award or settlement that you received as compensation for personal injuries in a car accident, for example.

You can also exclude assets set out in a signed marriage contract with your spouse.

Then you get to deduct the amounts of your debts on the date of separation.  Your debts include outstanding mortgage amounts, money owed on lines of credit, credit card debts, car loans, school loans, and outstanding personal income tax from previous years.

I discuss more details about your net worth calculation to figure out your property issues in your separation or divorce in another video. 

If you have any questions about your separation, divorce or family law case and you would like our help, there’s a few ways to contact our office. 

You can leave a message on my Facebook law office page, visit my website at www.canadiandivorcelegaladvice.com, or call me directly at 905-434-8837. 

We would be happy to speak to you.

Oh, by the way, did you know you can protect your family law rights and get essential information on settling your family law issues with your former spouse with the daily indispensable family law advice and tips at my FREE Facebook group? 

Click here to find out more: Durham Region Separation and Divorce Legal Support Group  

Thanks for watching this video.