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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.


About Galbraith Family Law:

At Galbraith Family Law, we have an excellent team of staff and lawyers to serve our clients' interests.

"Team" has become a cliché in businesstalk but, in our case, it best describes our corporate culture. We truly work together as a team to support our clients. Although each person has their own sphere of responsibilities, we help each other get the job done. There are no big egos getting in the way of serving our clients. We treat each other and our clients the way we would want to be treated.

Call us local | Barrie 7053021072 | Orillia 7052422854 | Newmarket 2898033327

Galbraith Family Law Professional Corporation

124 Dunlop Street West
Barrie, Ontario
Canada
L4N 1B1
7057274242

[email protected]
http://www.galbraithfamilylaw.com