Property, Family and Divorce in Ottawa
Divorce can get ugly, specifically when there is a call to divide the property accumulated during the, sometimes lengthy, time span a married couple has spent together. In scenarios where one partner was a stay-at-home parent the division of property can lead to a clear picture of what actually can go to each partner. However, in scenarios where both partners held full time positions and careers that garnered pension plans, stock options, licensed practices, real estate and such, it gets quite messy even in the most amiable climates of divorce.
What this points to is that separating the assets to which both party’s have contributed is a difficult task. This is because of the difficulty presented in not basing the decision on the present financial value of the assets themselves. What makes this a hard road is finding the long and short-term aspects of security for each party while understanding what a given asset is and if it is easily transformed into a liquid state or not. In this process, we must understand the ramifications of tax after the sale of the given asset/s.
Net Family Assets: In Ottawa, what are they?
Further consideration must be met in identifying the difference between marital assets, and assets owned prior to the union. While this will differ from province to province, however, in Ottawa, what the assets are is not the matter for the court to decipher. What is at stake is the increased monetary value of the combined assets owned between both sides of the divorce decree. The way this is calculated is both individuals must determine the net property for each member. As you may think, this is no easy task and can get a bit complicated.
There are five steps in this process that should be made as of the date both partners have split
-
Determine the property’s value
-
Subtract any personal liabilities
-
Subtract the value of property owned prior to the union
-
Subtract insurance earnings, third party gifts, money from personal injury’s, and family inheritances.
-
This last step is adding the value of the individual liabilities as of the date of the union.
Here in Ottawa by following the steps above, the determination of a person’s net family assets is arrived at. What happens after both sides have identified their net assets is that the one with the greater value will relinquish half of the amount that is greater. An example is if the findings reach the values of $150,000 and $100,000, the difference of $50,000 is divided causing each getting $125,000 in the settlement.
Additionally, in Ottawa, when a house is part of the property, its value becomes equally divided between the partners, and in scenarios where children are involved, courts have specified that all party’s are allowed to stay in the house until the children are old enough to live on their own, reaching adulthood. Furthermore, when the house is owned by one of the party’s, prior to the union, the other still may live there once a divorce is finalized, if they choose according to Ottawa, Ontario law.
Looking for help with asset division in divorce? These Ottawa lawyers and financial counsellors can help:
[columns ]
[column size=”1/3″]AGB Lawyers
Ottawa Lawyers[/column]
[column size=”1/3″]1 Antares Drive, Suite 530
Ottawa, Ontario K2E 8C4
Phone: (613) 739-4515[/column]
[column size=”1/3″]View Map[/column]
[/columns]
