How To Calculate the Equalization of Property in a Divorce
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Calculating the Equalization of Property in a Divorce:
In Ontario, the Family Law Act uses a formula to determine how much needs to be paid by one spouse to the other so that you and your spouse end up with the same net property upon separation. The formula is illustrated below:
+ Add up your assets on the date of separation
- Subtract your debts on the date of separation
– Subtract any gifts from third parties, inheritances or proceeds from a personal injury claim received during the marriage which were kept separate and are still in existence on the date of separation
– Subtract your assets less any debt you had on the date of marriage
= The resulting number is called your Net Family Property (NFP). Your spouse does the same calculation. If your Net Family Property number is higher than your spouse’s number, you owe half the difference so as to make the NFP’s equal.
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What if my husband never worked and did not pay for the house. I can prove he has not pay at all. Also we have not started the divorce but I know is coming. What if I move all my money to my daughters name. He really never contributed financially to nothing. He makes 20k I make 89k. Please help me I don’t want this men to continue to abuse me.
Thank you..
in this example does the wife need to claim that 11000 as an income taxable or not my question is should it be declared as far as CRA is concerned
I’m not worried about Hell. I was married for ten fucking years! Hell would be like Club Med!
This really was a helpful video even though we are in NS… 🙂 thanks so much!
On divorce, Can the wife have a share in the personal injury claim settlement that the husband receives? What happens if they don’t divorce but live separately?If the husband is incapable of working, can the wife request support payments from that settlement?
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It’s important that people watch these videos. But it does not replace the need for a family lawyer.
THX SIR
Great explanation. Worth its worth in gold.. I initially struggled with this concept. Had to pray and ask for clarity/understanding. Had to listen to this multiple times as my exposure to the many facets grew. Thx # enlightened#
what if the date of marriage and date of separation is the same and never lived together? lived on different addresses with the intention to live together later on but ended up to divorce with an a year.?
What they don’t tell you all is if you own your own home (without spouse on title) and the home is deemed to be the matrimonial home, the spouse gets a large portion, often at least half, after a short period of cohabitation; unless a pre-written agreement is in place. This is an important detail that the lawyers tend to leave out.
It’s going to take a little more than this video to convince me divorce is equal in this country. Just look around people….who gets alimony? (in practice not theory) Who gets the kids 90+% of the time? (and the support that goes with them) Ever hear of someone having to give equalization to keep a 20k purse collection? nope. A 20k Harley? you betcha. How about a 50k wardrobe? nope. A 50k speedboat? you betcha. 10k in shoes? nope. How about a 10k sled or quad? you betcha.
"You keep your clothes, I’ll keep mine, we’ll split the Harley, the boat, the quad…."
No mention of gender in this comment at all. Why is it so clear who is who in the matter? They make two equal piles, and the "preferred spouse" gets both of them.
Don’t let the lawyers entice you to go in with your guard down. It’s like a tire salesman encouraging you do do burnouts with your car…..