Property Division Rights

A married spouse has the legal right to make a claim for the equalization of net family properties. Each party must fully disclose what he or she had on the date of marriage and date of separation as well as his/her current assets and liabilities so that any net assets acquired during marriage may be equalized.

How do we decide whether one party has to make payment to the other?

Once each spouse has made full financial disclosure, a net family property value for each spouse must be determined. The spouse with the higher net family property pays half the difference between the net family properties to the other spouse. This process is referred to as an "equalization". Only those assets and debts which are accumulated from the date of marriage to the date of separation are factored into the equalization calculation.

Parties are able to deduct from their net family property any assets or debts they brought into the marriage with the exception of a matrimonial home. In addition, some assets may be excluded from the calculation. For example, inheritances and third party gifts will be excluded from the assets to be divided in the equalization process. Your family lawyer will assist in considering all applicable deductions and exclusions in order to properly calculate your net family property and to assist you in seeking the necessary information to determine your spouse's net family property.