Net Family Property – Section 4(1) of the Family Law Act

The Family Law Act in Ontario provides certain rules which govern the division of family property when spouses separate.  The parties must, essentially, divide the differences in the increases in their net worth, from the date of marriage to the date of separation.   Each party must determine his/her Net Family Property.  This is defined as the value of all of the person’s property on the date of separation (except “excluded property”), less all of the person’s debts and liabilities as of date of separation, less the person’s net worth as of the date of marriage.

People frequently believe that when parties separate, you simply divide everything equally.  In most cases, it is not that simple.  It is important to retain a competent family lawyer to determine a division of net family property.   At Fine & Associates, we have Toronto divorce lawyers that have dealt with many many cases dealing with complex property issues.  We welcome any inquiries.