Reliable Lawyers to Help in Proper Asset Division Post Separation in Oshawa and Lindsay
If you are getting divorced or separated from your spouse, it’s natural to be concerned about asset division and your matrimonial home. The Family Law Act (FLA) in Ontario defines a matrimonial home as “Every property in which a person has an interest and that is or, if the spouses have separated, was at the time of separation ordinarily occupied by the person and his or her spouse as their family residence is their matrimonial home.” The Ontario FLA also states that “Both spouses have an equal right to possession of a matrimonial home.” Kelly Greenway Bruce in Oshawa and Lindsay can help you get your deserved share of the property post-separation.
The assets that must be split equally post-divorce can include home, business, pension, cash and car. The value of the family home has to be divided even if you or your spouse owned it before marriage. Contact us today to learn more about the proper division of assets post-separation.
The Property Equalization Scheme
The Ontario Family Law Act’s property equalization scheme makes you and your spouse entitled to an equal share of the gains of the marriage. Household contents, money in bank accounts as well as investments need to be distributed equally. As for household contents, there are a few ways to distribute them equally - one of them being to treat them unequally and make the unequal distribution reflect in the equalization process. You can also come to an understanding of household content division and divide them such that both parties agree that they have received a fair value - this is left out of the equalization scheme in this case.
Spousal Support and Benefits Post Separation
Spousal support is the money paid by the spouse with the higher income to the spouse with the lower income to:
Help them avoid financial challenges post-separation.
Divide the cost of child care and support.
Compensate one spouse if they were at a financial disadvantage during the relationship.
In addition to married people, couples who have lived together for at least three years or those who were in a relationship and have had a child together are also eligible for spousal support as per Ontario law. It is also possible to set up a separation agreement without going to court. Contact Kelly Greenway Bruce to learn more about spousal support and other benefits you can get post-divorce.