When a marriage ends the law requires a sharing of property in recognition of the contribution of each person to the marriage. It is rarely however simply a 50/50 split. A number of things may need to be considered before a calculation can be done. The assistance of experienced legal counsel can be critical to protecting your rights.
Matrimonial Homes
Both partners in a marriage have an equal right to stay in the matrimonial home, even if only one of you owns the house or if a lease is in only one name. Since both of you have a right to stay, neither may sublet it, rent it, sell it nor mortgage it without the other’s permission.
When you separate, an agreement must be reached as to who should stay and who must leave. It is often difficult for the separating couple to reach an agreement. Legal counsel can assist with mediating a decision.
Property owned before the marriage
It is fairly straightforward to determine the value of property acquired during the marriage. At separation, with few exceptions, it must be divided equally.
For property that was owned by a spouse before the marriage, it is generally only the increase in value during the marriage that is considered. This must be shared and is often accomplished through an equalization payment, or an equalization of net family property.
Excluded Property
Upon separation there may be some exceptions to what must be shared. One possible exception is a gift or inheritances received during the marriage. The gift or inheritance must be from someone other than a spouse and must not have been used towards a matrimonial home.
A lawyer can assist you in ensuring that exceptions, where appropriate, are considered.
Common Law Relationships
The automatic property sharing provisions only apply to married spouses. If you are in a common law relationship, you are not entitled to an equalization payment from your spouse. It may be however that you are entitled to a payment from them to pay you back for a direct or indirect contribution to property that he or she owns. Obtaining legal advice on your situation can ensure a fair settlement is reached.
Know Your Rights
Donnell Law Group can assist you to understand your options. We will provide you with an unbiased appraisal of the situation and you will have the information that you need in order to make intelligent decisions about your case.
We will help you to navigate through this complex and emotional time.
