Family Law
Property Equalization
Family Law
Divorce Equalization, Matrimonial Property Split
In Canada, rules and legislation governing the division and equalization of marital property differ slightly from province to province.
Property rules are different for married couples and couples in a common law relationship.
What is included under marital assets or marital property?
Marital assets include all the assets acquired during the marriage and include financial assets, bank accounts, real estate, household possessions, vehicles, personal items and so on. Pensions, RRSPs insurance policies and investments are all included.
Matrimonial Home
At the time of separation, the home in which the legally married couple resides in is classified as a Matrimonial Home. It is possible that more than one matrimonial home exists, like a cottage.
In Ontario, married spouses have an equal right to stay in the matrimonial home. This right to remain in the home is valid even if the legal title of the property is in only one of the spouse’s name. This right can come to an end if:
- The couple makes a written agreement which expressly mentions that one spouse cannot live there
- A court order’s a spouse to vacate the home, or alternatively orders exclusive possession in favor of the other spouse
- The matrimonial home’s lease expires or the home is sold
- Spouses divorce
The matrimonial home cannot be sold or mortgaged without the other spouse’s written permission regardless of whether the other spouse is on title.
Common-law couples
Same rules for property do not apply to Common-law couples. They are not entitled to the automatic right to live in the home if their name is not on title or lease of the property.
Any common-law spouse can sell or mortgage the house if they are its legal owner. The other spouse’s permission will not be required.
Canada Pension Plan credits
CPP pension credits earned by a couple who has lived together for at least one year are added up and divided equally between them after they separate, with some exceptions. This is called Credit Splitting, and can be applied for after 12 consecutive months of separation. Common-law Couples must apply for credit splitting within 4 years of separation unless their former common-law spouse agrees to waive the 48 month time limit.
We can Help
At Nanda & Associate Lawyers, our capable family law lawyers help in making effective representation for all your Property Equalization matters. They understand your specific circumstances and provide tailored and customized solutions for each of them. Many legal complexities exist in formulating adoption agreements, and an experienced family law lawyer can help you to navigate better in those complex situations.
Our Mississauga Family Law Lawyers are available for a consultation. Come and experience our quality legal counsel and personalized care we give to each client. We ensure prompt communication and a caring approach to get the best outcomes for you and your family.