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When a couple separates or divorces, one of the major issues that must be resolved is the division of property. This process can be complex and emotional, as it involves determining how assets and debts will be divided between the parties. In this article, we will explore the division of property in family law, including the legal principles that apply and the process for dividing property.
The legal principles that apply to the division of property in vary depending on the jurisdiction. In general, however, the following principles are relevant:
The process for dividing property in family law can vary depending on the circumstances of the case. However, the following steps are generally involved:
During the property division process, each party’s contribution to the marriage, their financial situation, and their future needs are taken into consideration. Family lawyers can provide valuable guidance on the division of assets and debts, helping clients understand their rights and obligations under family law.
Having legal representation during the property division process is crucial to avoid potential mistakes or oversights that can have significant financial consequences. There are several common issues that arise in property division cases, including the following:
The first step is to determine the value of all assets, which include marital and separate property. Marital property pertains to assets acquired during the marriage, while separate property refers to assets obtained before the marriage or through inheritance or gift.
Determining the value of each asset is necessary before it can be divided, and this usually involves an appraisal or valuation. For certain assets, it may be necessary to enlist the services of an expert such as an appraiser.
In a divorce law matter, the next step after determining the value of assets is to divide marital property. While some couples can come to an agreement on their own, others may require the assistance of a family law lawyer to negotiate a settlement. However, if an agreement cannot be reached, the family court will intervene and make a determination based on a variety of factors.
In Ontario, Child, Youth and Family Services Act. the court considers a number of factors when determining how to divide property, including:
The division of a business can be a complex and contentious issue, especially when both parties have contributed significantly to its success. The first step is to determine the value of the business, which may require the expertise of an accountant or business valuation expert.
Once the value is established, the next step is to decide how to divide the business. One option is for one party to buy out the other’s interest, which can be achieved through lump-sum payments or a payment plan. Alternatively, the business may be sold, and the proceeds divided between the parties.
In matters such as starting divorce or separation application, protecting your property is a crucial step. This can include taking an inventory of your assets and taking measures to secure them to prevent your spouse from disposing of or damaging them.
TCZ lawyer Eric Zhao can ensure that your interests are protected and that your property is divided fairly and equitably under the Supreme Court of Canada family law.