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Financial Disclosure
Each party must be fully informed of the financial circumstances of the other. The Ontario Family Law Act expressly sets out that a Court can set aside any contract or settlement if it was reached without full disclosure by one or both parties.
Dividing Property in Common law Relationships
The Supreme Court of Canada has just released an important decision dealing with how assets and property should be divided when common law spouses separate.
Unequal Division – Can I Get More Than Half?
In Ontario, the Family Law Act governs the division of property that is brought into a marriage or acquired by spouses. The Act sets out a formula that dictates how the division is to be calculated, a process called the “equalization of Net Family Property”.
Equalization in the Family Law Context
“Equalization” is the process for achieving an equal division of the wealth that is owned and acquired by spouses during a marriage. The related concept of an “Equalization Payment” represents a sum of money paid by one spouse to the other, in order to make both parties equal in terms of this property division. Both of these concepts are established and governed in Ontario by the Family Law Act, which describes the elements of the calculation, and the precise formula that must be applied.
Divorce in Ontario: Frequently-Asked Questions
Separation and divorce is becoming all the more commonplace in Ontario; the following are some frequently-asked questions pertaining to the required elements for obtaining a divorce in this province.