Equalization of Net Family PropertyEqualization of net family property in a divorce
Equalization of Net Family Property in a Divorce
At the end of a marriage, the spouses are required under law to equally share the increase in each party’s net worth accumulated during the marriage. This division of value is referred to as an equalization payment. The full disclosure of assets and liabilities during the calculation of the net family property is key to ensuring that each party is protected and that a fair equalization is achieved. Often, pensions are a very large asset for consideration in the equalization calculation. Our lawyers can guide clients with respect to the valuation of pensions and other ways in which they can be taken into consideration as part of the property settlement. Under the law, certain items may be excluded from this calculation. A key exception to the equalization rule is the matrimonial home, which involves its own unique considerations.
Our family law lawyers have the benefit of decades of experience working with clients to inform them of their rights and obligations with respect to the equalization of assets. We work to review all relevant material with our clients to ensure that a full disclosure of assets is presented, and that exempted items are accounted for and dealt with accordingly. Our lawyers have extensive experience and knowledge in the valuation of property, and the consideration of assets that can be excluded from the calculation of net family property.
Dedicated Toronto Family Lawyers
Through the use of their considerable skill and the vast resources available to them, our family law team will work to ensure that our clients receive the full equalization of property to which they are entitled or only pay the amount they are required to and no more. Our lawyers work to provide our clients with personalized attention, and our clients appreciate that we are available to them throughout the divorce process to answer any questions they may have.
Contact Mills & Mills LLP
To learn more from our experienced professionals with respect to equalization payments, please contact us at 416-863-0125 or send us an email.