Equalization – Property Division

Everything accrued in the marriage is subject to equalization whether it’s her custom golf clubs or his exotic sports car. This is called the net family property and it is calculated as of the Date of Separation.
It includes bank accounts, savings, investments, debts, credit cards, jewelry, cars, homes, cottages and just about any tangible asset with a value.
There are some exceptions however.
If at the date of separation you owned something you received during the marriage as a gift or inheritance, or from the proceeds of specific kinds of lawsuits or insurance proceeds, you can exclude them from your calculations. Also, there’s a special arrangement for the <matrimonial home> – regardless of whose name is on title.


The Matrimonial Home

Under Ontario Family Law, the Matrimonial Home has a special place and is treated differently than other property.
This is because it’s the largest and most significant asset of a marriage and it usually has strong emotional connections.
The law says it is the place owned by both or one partner where you lived as a couple. Now this can mean you have two matrimonial homes such as your residence in the city and your cottage. If you owned an investment property it would not count as the matrimonial home, but would be listed as a general asset (less any mortgage or debt against it).


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