It can be difficult to assess what constitutes an equal or fair division of property after a separation. Many couples try and work this out on their own, and may end up with an unfair or unlawful property division.
Common law and married spouses do not have the same automatic property division rights. For married spouses, the process of property division is called “equalization of net family properties”. Equalization is meant to ensure that both parties leave the relationship with an equal amount of property and assets accumulated by the parties during the span of the marriage, though some assets, such as an inheritance, may be excluded from this calculation.
The more complicated a couple’s finances are, the more complex property division can become. A first critical step in property division is full financial disclosure from both parties, which includes everything from pensions, bank accounts, real estate and investments to business interests and debts. This can seem overwhelming, but our family law team can help you through this process. We will ensure that you have the information and knowledge you need to make the best decisions for you about how to move forward with the division of property.
If you have questions about property division or any other family law issue, please contact a member of our team by email or by telephone at (519) 672-5666 or Get Started Online. If corresponding by email, be sure to include your name and telephone number.