Property Division in Divorce
That you automatically share ownership of everything with your spouse and that everything is divided 50/50 on separation are two common misunderstandings about Ontario Family Law. In Ontario, only the value of some assets are divided, pension division is complicated and none of the family law property division rules apply for common law couples. However, separating spouses misunderstanding of property division under Part 1 of Ontario’s Family Law Act can cost them thousands of dollars.
In this informative video, Certified Specialist in Family Law, Divorce Lawyer John Schuman, explains how property division works during an Ontario Divorce. He explains how that under the law, property is not divided, it is only the value of property – and it is not even really the value of property but the growth in value of property that spouses share. In addition, there are some significant exceptions to that rule when it comes to matrimonial homes, gifts and inheritances, money from personal injury settlements or awards, and marriage contracts.