Splitting assets during a divorce can involve a lot of anxiety. Most individuals are worried that they will be left destitute, or their former partner will get away with almost ‘everything.’ You might have some sentimental pieces like furniture or decor that you’d like to get after a divorce and sometimes negotiation can get ugly. With assistance of experienced divorce lawyers in Brampton, you can look forward to a peaceful situation throughout.
How are finances split in a divorce in Canada?
Experienced divorce lawyers in Brampton can help you understand the splitting of finances when you are undergoing a divorce with your spouse. Assets are primarily split up between non-marital and marital assets.
Non-marital assets are those that you owed prior to marrying, but only if you have not combined them with marital assets. Co-mingling or combining your non-marital assets with marital assets might end up in a complicated position. However, an experienced family law firm in Canada like Sterling Law can help you out.
Marital property is the one you acquire from your date of marriage. It is presumed that both parties contributed to the combined ability of getting assets, even when one spouse might not be working. Both spouses have access to 50% right to marital property. However, the division of property, as a matter of fact, is not always 50/50. Hire a family law firm that will make sure that the division of the property is equitable. Ask friends and family for references or look up for well-reviewed family lawyers in Brampton or the city you live in.
Division of debts in a divorce in Canada
Debts, quite similar to assets, are split up 50/50. In this case, the only exception is that if the other spouse accumulated the debts by entertaining some extramarital love affair, it will not be entertained. Those debts will be immediately assigned to the spouse responsible for the affair.
Just like assets, debts are also divided into non-marital and marital debts.
What are the exceptions to equitization?
There are some exceptions to ensuring equalisation in case of divorce in Canada. Some to consider are:
- One spouse hiding assets
- A spouse mindlessly depleting available assets before separation
- A spouse mindlessly incurring debts before separation
- The spouse lying about assets or debts during marriage
- The marriage lasted for five years, which could reduce the claim of the spouse on combined non-marital property
It is recommended to be careful about data of your joint bank accounts and other assets that are held jointly during the time of divorce. It will help you ensure that you are capable of proving mindless incursion of debts or depletion of assets.
Who will leave the house in case of a divorce in Canada?
Your home is different from existing debts and assets. It is because it features a special status under the Canadian Family Law Act. Both you and your spouse will have equal access to it. According to Ontario Law, both partners are given access to the house until you both will agree on the other spouse keeping it or in case a judge rules on the given matter.
For the best outcomes, get in touch with Sterling Law. With over 30 years experience, our family lawyers in Brampton and Mississauga can help you with your divorce. Book your first consultation free with us (only up to 30 minutes).