Once you have decided that you and your spouse no longer want to be married, it's important to separate responsibly. If kids are involved, it is even more critical to seek the services of a qualified lawyer that will advocate for what you want and protect your interests. Even if you and your spouse are amicable towards each other, when issues arise tension will build quickly:
Assets are Divided Equally in a Canadian Divorce
This does not mean that each asset is divided in half. Determining the monetary value of property and cash that each party is entitled to requires figuring out your net family property. Each party calculates their own net family property amount separately, and the one who has a higher net value pays the other party half of the overage so that both parties have an equal share of net family property.
To figure out your net family property:
1. Add up the value of all of your assets at the time of your separation.
2. Subtract all of your liabilities or bills from the asset amount at the time you separated.
3. Add up your assets you brought to the marriage, and subtract these assets from your current total.
4. Subtract any inheritances you received, or life insurance proceeds that you collected from the asset total.
5. Add in any liabilities that you brought to the marriage.
It may feel complicated, but the bottom line is that any assets you brought to the marriage and any liabilities you brought are considered yours. If you inherited money, this is also considered yours, and you can deduct your own bills you had prior to the marriage from this inheritance.
The law protects you if you brought significant assets to the marriage or you were left money during the time you were married. A qualified divorce lawyer will help you navigate the process of determining your net family property.
If Children are Involved a Custody Agreement Needs to be Reached
Some couples don't solidify a custody agreement in the beginning of their divorce because they are filing an amicable divorce. This is a mistake, because couples that are separating are likely to have problems with each other in the future.
A solid custody agreement takes away any confusion between the two parties, and sets the stage for a routine for the child. You can decide to share legal and physical custody, with a visitation agreement set in place so that the child has a routine. To learn more, contact a company like family and matrimonial law Lonsdale Law for help.Share