If you are facing divorce, you need to know how your assets and your debts will be affected by the breakup of your relationship, and whether you or your spouse will be able to make a claim for any property on which you are not titled.
Ontario law also calls for the equalization of the difference in your and your spouse’s respective net worths at the time of separation, and determining this net worth, as well as the means by which you will either make or receive an equalization payment is one of the most time-consuming and important steps in divorce. As such, you should have an experienced, knowledgeable lawyer guiding you and providing instruction as to your rights, ensuring that you are meeting your obligations without being taken advantage of.
Your family law attorney will explain what you should include as part of your net family property and what is excluded. He or she will set out the practical implications of selecting a valuation date and will know how to deal with trust interests in a property.
Your family law lawyer will also know how to prevent the party from whom you are separating from depleting his or her assets and will know how to obtain an order for full financial disclosure form the courts, should your former partner not cooperate.
Speak to a family law practitioner at Epstein & Associates about property division and the particulars of your case.