Does my spouse get half of my assets if we divorce?
Does my spouse get half of my assets if we divorce?
Hi, my name is Ash Mazinani. I'm a divorce and family lawyer in Toronto. The short answer is sometimes, but not always. The law in Ontario provides that married spouses must equalize or divide their assets upon separation and divorce. That means that the spouses must equally share the increase in the value of their assets and net worth during the marriage. In some situations, that may mean that the married spouses simply divide everything that they own 50-50 down the middle. However, that may not always be the case if one of the spouses owned significant assets on the date of marriage, or if one of the spouses received a significant gift or inheritance during the marriage, or if it was a marriage of less than five years. Calculating equalization is one of the most difficult and consequential things that a divorce lawyer does. Contact Mazinani and Associates for more information.
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