Property and Asset Division – Equalization

A legal marriage is different than a common law relationship where property and asset division are concerned in accordance with provincial and federal legislation. When a marriage breaks down there is a division of property which is determined by each party fully disclosing their financial particulars on the date of marriage and then on the date of separation where full and frank disclosure is the linchpin of every agreement. The accumulated family wealth during the marriage is divided equally between the parties subject to deductions, exclusions or other unique treatment and this is done to fairly compensate each party for their role in the marriage. Equalization can be a complex issue to resolve and it requires legal expertise and at times the assistance of financial experts. A fulsome review and analysis of financial disclosure is the first step towards dividing property and this is a smoother process when done with an experienced lawyer.

There is no automatic entitlement to property when a common law relationship breaks down but there are other claims that may be made and advanced. Nelson Family Law is familiar with the framework and requirements to advance a common law property claim to honestly advise the client on their expectations and possible claim.

Property and asset division can be complex when businesses, marriage/other agreements exist, pensions, multiple properties, investments and tax consequences are involved and getting the right information from the beginning is important. Keeping a complex situation simple is important to streamline resolution.

Schedule a consultation today to navigate your case with confidence.