Division of Property Mediation
Canadian family law recognizes, rightly or wrongly, that both spouses contributed equally to the success of the marriage. The law is also is concerned with both spouses leaving the marriage on equal footing. The process to achieve this is called equalization of net family property.
Each spouse adds up their assets, minus debt, and minus exclusions and deductions, to arrive at their net family property. Next, the spouse with the higher net family property pays the other spouse 50% of the difference between the two sums.
For Canadians who own a business, the business will need to be evaluated by a Chartered Business Valuator (CBV) to determine what it is worth.
Over the course of a marriage or a common-law relationship, people accumulate assets together. These include: RRSPs, stock options, investment properties, pensions, and valuable collections such as Art and cars. Our experienced mediators have seen people fight over:
Snow tires (that don’t even fit their car)
A power boat (where one spouse harvested and sold off the boat’s engine separately)
Grandmother’s good china
Mediation is very useful in dividing a couple’s assets when the relationship breaks down. We remind clients that it is wise to consider how much time and energy (and a lawyer’s hourly rate, if you’ve have already gone the court-based separation route) it is taking to fight over possessions and memorabilia. Contact one of our trained mediators today.