Property Division Lawyer Toronto

Ontario's system of property division is based on the equalization of net family property (NFP), factoring in:

• Date of marriage and separation
• Assets accumulated during the marriage (family home, pensions, investments, etc.)
• Debts and liabilities
• Exclusions such as inheritances or gifts not comingled with other assets

Each spouse's NFP is calculated by deducting debts from the value of assets at time of separation, with the spouse having a larger NFP making a payment (half the difference) to the other to equalize the financial gains made during the marriage.

Although Ontario law prescribes a 50/50 division of marital gains as a starting point, it gives judges discretion to order an unequal split in cases where:

• A spouse has concealed assets or incurred excessive debt
• Equal sharing would be unconscionable (e.g., flagrant financial abuse)

Included items:

• Family home (regardless of ownership prior to marriage)
• Vehicles; businesses; pensions; investments
• Mortgages; loans; credit card debt

Excluded items:

• Assets brought into the marriage (unless they grew in value during the marriage)
• Some inheritances or gifts

• They will be excluded provided:
• They remain separated from joint accounts or matrimonial assets generally
• They are not used for a family-related purpose (e.g., a gift toward a down payment on the family home)
• Any growth in value occurring during the marriage will be shared

• Obtain copies of all tax returns, bank accounts, property titles
• Request formal financial disclosure through your divorce lawyer
• Hire a forensic accountant in complex cases

Timelines range from 4─6 months (cooperative), to 18+ months (contested cases). Delays can be caused by:

• Disputes over asset valuations
• Concealed assets or failure to produce full/accurate financial disclosure
• Court backlogs

Documents to be assembled will include:

• Marriage certificate and proof of date of separation
• Recent tax returns for past 3 years
• Bank, investment and retirement account statements
• Property appraisals and mortgage papers

While concern for children's well-being may be taken into account, the family home will still be divided primarily based on the spouses' respective financial entitlements. Courts will sometimes give priority to allowing children to remain in the home for a given period, but refinancing or sale is generally needed eventually.

Fees are based on the facts of your case. Many law firms do offer:

• Hourly billing (as is standard for contested matters)
• Flat fees for simple separation agreements
• Clear cost estimates explained during your initial consultation

Yes. Options include:

• Mediation (neutral third party helps facilitate negotiation)
• Arbitration (decision made by a private arbitrator is legally binding)
• Collaborative law (each side agrees to attempt settlement out of court)

Cases involving significant net worth often require:

• Business valuations and forensic accountants
• Tracing of offshore accounts or complicated investments
• Tax minimization strategies

Yes. Settlement discussions and court documents are sealed from public view, except where disclosure is required by law.

No. Moving out does not endanger your right to the value of the home, which is always included as an asset for NFP equalization.

Act immediately to:

• Freeze joint accounts if there is a risk that funds will be withdrawn
• Create a record of all assets (photo or inventory)
• File for a restraining order if destruction of assets is a concern

We work with financial experts to:

• Value businesses and non-liquid assets
• Trace corporate shareholdings
• Provide options for settlement (such as offsetting assets to avoid a forced sale)

Final disposition of property can take place before or after a divorce is complete. Most couples take care of it as part of separation so as to give each side financial closure at an earlier date.

If settlement is not possible, the courts will:

• Apply equalization payments rules
• Set amounts for asset valuations
• Impose timelines for payment or transfer of ownership