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Gifts, inheritances and other excluded property - Legal Line Provincial family or marital property legislation typically excludes certain property in calculating the spouse’s net family property Net family property is the value of each spouse’s property, after deducting debts and liabilities at the time of separation, and then deducting the value of assets brought into the marriage (other than the matrimonial home) The value of each spouse’s net
What happens to the matrimonial home? - Legal Line What is a matrimonial home? The matrimonial home is the legal term used to describe the family home in which the spouses were living just prior to the date of separation If you and your spouse regularly use more than one home together, then each home can be considered to be a matrimonial home An additional matrimonial home, therefore, can include a cottage or chalet, or simply another home
Calculating family property and equalization payments 1 List and value your property since the separation date The first step in determining property rights under the Family Law Act is for each spouse to make a list of their assets This may include personal property, real estate, bank accounts, shares in corporations and pensions including Registered Retirement Savings Plans
Title and ownership of property - Legal Line What is title? Title is a legal term meaning registered owner of real property When your lawyer is preparing to transfer the title to your property, you will likely be asked who will actually own it You may choose to list one name alone, fellow investors (a parent, for example) or, particularly in a marriage, both spouses The issue of whose name is on the title is frequently important when
Restraining Orders and Peace Bonds - Legal Line forbidding the spouse from possessing certain property Although restraining orders generally have the same effect as a peace bond, they do have the following advantages: They can be obtained: quickly from your local Family Court (or police service in some areas), without your spouse knowing, and they are still enforceable by the police
Locating an ex-spouses hidden assets - Legal Line When do spouses hide assets? People may attempt to hide assets, such as money or property, most often upon the breakdown of a relationship During separation and divorce assets are valued and then divided according to provincial law, marital status, and whether the couple has any children together Provincial family or marital property legislation decides the division of property upon
Marriage contracts - FREE Legal Information | Legal Line If spouses separate and divorce without a marriage contract, their property will normally be allocated according to the laws of their province of residence The laws are complex but, in general, they require an equalization of the net family property This equalization is ordinarily calculated at the date of separation To do this, the spouses calculate the increase in their net worth since
Transferring property between common-law spouses - Legal Line Transfer of property to spouse or common-law partner is tax-free Capital property, such as corporate shares or real estate can be transferred between spouses, whether legally married or common-law, on a tax-free basis This also applies to transfers to a spousal or common-law partner trust
Common-Law Break-up - FREE Legal Information | Legal Line Under your provincial family or marital property legislation, a couple is most commonly considered to be living in a common-law relationship if they have been living together intimately for at least two to three years or if they have been living together for less time and have had a child together
Domestic Investigations - FREE Legal Information | Legal Line Provincial family or marital property legislation decides the division of property upon relationship breakdown, and property usually includes any money, real estate, pensions and disability benefits, and other assets the couple have If you need help with a family law matter, It is illegal to hide assets during a divorce proceeding