When a person in Ontario considers divorce, he or she will likely have many questions about the related laws of the province. Under Ontario laws, both spouses are responsible for earning income, managing the household and caring for any children during the marriage. The equal partnership of marriage will end upon divorce, at which time the property division process must be equal.
The total value of the assets that the couple accumulated during the marriage — and still own at the time of the divorce — is subject to a 50-50 division. Assets owned by one spouse when the couple got married will remain that person’s property. However, if the values of those assets increased during the marriage, that growth must be shared.
Certain exceptions exist. These include gifts received from a non-spouse, inheritances received during the marriage, funds received as the beneficiary of an insurance policy and monetary awards from a personal injury lawsuit. Another exception is the family home. Regardless of who owned the residence at the time of the marriage, the total value of the property is divisible on a 50-50 basis — even if it was a gift or part of inheritance.
Under Ontario law, there are specific rules for property division. Calculating the value of the property can also be a complicated process that might be best accomplished with the skilled assistance of a divorce lawyer. Couples may negotiate their own property division agreements, but failing to do so will result in the court dealing with the process. Source: divorceinontario.com, “Free information about equalization of property and divorce in Ontario“, Accessed on Jan. 6, 2017