Mississauga Property Division Lawyer
When a couple separates, the division and equalization of property is one of the most important and complicated issues that must be figured out. With years of experience in Ontario divorce and family law, Zagazeta Garcia Lawyers LLP can work with you to come up with a practical property division that meets your needs, or represent you in court if agreement cannot be reached on how the property should be divided. See below for more information about Ontario property division rules, and contact our Mississauga property division lawyers for a free consultation on your particular situation.
Ontario Property Division and Equalization
Ontario family law distinguishes between property acquired during marriage and separate property which one spouse owned prior to marriage. Also, property acquired during marriage may be excluded if it come into the possession of one spouse in certain ways, such as by gift, inheritance, a life insurance policy or personal injury settlement. However, the full value of the family home at the time of dissolution is shared between the spouses, even if the home was owned separately prior to marriage or received during marriage as a gift or inheritance.
It is only the shared property which is subject to division, although if a separate asset has increased in value during the marriage, the amount of increase is considered shared property subject to division. Ontario courts tend to divide this shared property 50-50 between the divorcing spouses, but courts have the authority to make an unequal division if an equal division would be extremely unfair in particular circumstances.
The Ontario family courts go through a complicated process with complex legal rules to calculate the value of all shared property wherever located, including complex assets such as interests in a pension. After accounting for debts, excluded property, and the value of property brought into marriage less debts, the court will arrive at an equalization payment one spouse is required to make to the other in order to achieve an equal division of shared property.
How Our Mississauga Divorce Lawyers can Help
Zagazeta Garcia Lawyers LLP have years of experience helping clients through the property division in Mississauga divorce and legal separation. We can help make sure that all property is located, correctly identified as shared or excluded property, and accurately valued. If you are arguing for or against an unequal division, we can develop the facts and evidence necessary to present a compelling case for the courts.
Experienced Representation in Mississauga Divorce Matters
The property division in divorce is permanent and has lasting consequences for both parties. Make sure you are ably represented in your divorce or separation so that the property division is fair to you and meets your needs. In Mississauga, Brampton and the Peel Region, call Zagazeta Garcia Lawyers LLP at 905-232-0398 for a free consultation about the property division in your Ontario divorce.