“Equitable distribution of the assets” is a common catchphrase in family law, but what does it actually mean? Many couples come into the divorce or separation process with the idea that equitable distribution means that the assets will be split 50/50. While this does happen in some situations, it’s not an absolute rule.
There are many different factors that influence what is considered an equitable division of the assets. Issues such as how much each person makes, future earning potential and who will retain primary custody of any children involved can mean that one person ends up with a higher percentage of the joint assets.
Oftentimes, especially if the split is relatively amicable, the couple has already decided who will leave the relationship with what, and the property division process is largely just a formal step to legally end the relationship. If you signed a marriage or cohabitation agreement, this also makes things much simpler to work out as most of the major issues have already been decided.
Any time you are going into the family courts, it’s important to understand what to expect from the courts and officials, what will be expected from you and how you need to prepare. At the law firm of Pierre J.-L. Plourde, we strive to help you understand the particulars of your case and how Ontario’s laws apply. In some cases, you may be able to come to an agreement on a settlement with your partner, but if this doesn’t work, we are also prepared to take your case to the courts and fight for your interests.