Marriage is considered an equal financial partnership. When marriage breaks down, the value of all property or wealth that accumulated during the marriage is shared equally between the spouses.
A spouse, a former spouse or a deceased spouse’s personal representative may apply to court for an equalization of the net family property. Only married persons can apply for equalization. Common law spouses cannot do so.
a) persons that are married to each other;
b) persons that have entered into a marriage that is potentially void or voidable, as long as the person asserting a right under the marriage had acted in good faith;
c) persons that have entered into a marriage that is potentially polygamous, as long as the marriage was performed in a jurisdiction that recognizes polygamy as valid.
a) a divorce is granted;
b) a marriage is declared null and void;
c) spouses are separated with no reasonable prospect of reconciliation;
d) a spouse dies;
e) spouses are cohabiting and there is a serious danger that one spouse may improvidently deplete his or her net family property.
There are time limits for applying for division of marital property.
To speak with a Toronto property division lawyer, please call (416) 972-0404 or toll free (855) 396-1207.
