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Divorce, equalization and sharing property in Ontario
In Ontario, the process of dividing property and assets during a divorce is known as equalization. The Ontario Family Law Act requires that both spouses are treated equally in the division of property, regardless of who owned the property or who earned the income used to acquire it.
To determine the equalization payment, the court first determines the net value of each spouse’s property. This includes all assets owned by the spouse, such as real estate, vehicles, and personal belongings, as well as any debts and liabilities. The court then subtracts the value of the spouse’s property from the value of the other spouse’s property to determine the amount of the equalization payment.
For example, if one spouse has a net worth of $300,000 and the other has a net worth of $200,000, the spouse with the higher net worth would be required to pay an equalization payment of $100,000 to the other spouse. This payment is intended to ensure that both spouses are treated equally in the division of property.
In some cases, the court may decide to divide certain assets or property differently. For example, if one spouse owned a home before the marriage, the court may decide to award the home to that spouse rather than requiring an equalization payment.
In general, equalization and the sharing of property during a divorce in Ontario is intended to ensure that both spouses are treated equally and that their property is divided fairly. It is important for both spouses to seek legal advice and to fully understand their rights and obligations during the equalization process.
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