Splitting Properties: How Do You do it When You Hate Your Ex?

Splitting properties when you get a divorce can be a harrowing process. When a marriage ends, the combination of emotional and financial stress can be devastating. It can also lead to decisions that leave the ex-spouses permanently embittered.

However, it does not have to be this way. Splitting properties may not be easy, but some people find a way to do it without generating bitterness. Furthermore, the success stories follow best practices that are available to everyone.

The general qualities that should be exercised in order to split properties with the least amount of acrimony are:

• Calm
• Cooperation
• Transparency

While it’s easier said than done, keep in mind that exercising these qualities is in your own best interest.

They will make the divorce process quicker and easier. They will also keep you from making rash decisions with long-term effects.

Keep Calm and Negotiate

Usually the best way to proceed when getting a divorce is to negotiate a separation agreement. This is a legally binding contract in which you and your spouse set out. This includes the arrangements that you have agreed to regarding your family matters and property division.

Separation agreements are beneficial because they are a faster and less expensive than going to court. They also allow you and your spouse to divide your property and debts in a way that works for you. Rather than according to provincial or territorial law. They can also include plans for things like selling or purchasing the matrimonial home.

Understand the Law

Under Ontario’s Family Law Act, property division is accomplished by the equalization of net family property. Each spouse calculates their net worth at the time of marriage and the time of separation. The difference is the spouse’s “net family property.” The spouse with the smaller net family property is entitled to an equalization payment from the other spouse. The amount of the payment is one half of the difference between the spouses’ net family property. In the end, each spouse leaves the marriage with the same net family property.

Certain property, such as gifts and inheritance, is excluded from the calculation of your net family property.

The matrimonial home is also treated differently:

• It cannot be excluded property
• If it is the same at the date of marriage and the date of separation, its date of marriage value cannot be deducted by the owner when calculating his or her net family property

Get Appropriate Help

Separation agreements are generally enforceable as long as they are:

• Prepared properly
• Entered into freely and not unfair.

It is always advisable to get a lawyer’s help with drafting a separation agreement. In addition, getting independent legal advice helps with enforceability and protects your interests.

If you and your spouse are having difficulty negotiating, you can get help from a mediator. You may benefit from another form of alternative dispute resolution. Just because you disagree does not mean that you cannot find a way to cooperate in the divorce process, with the right help.

Make Full Financial Disclosure

Full financial disclosure by both spouses is absolutely essential for an enforceable separation agreement.

The emotional turmoil of divorce can tempt the parties to hide marital assets during the property division process. Especially when the financial stakes are high. Not only can a court set aside an agreement made without full financial disclosure, but there may be additional legal consequences. It is best to act in good faith.

If you have any questions regarding family law in Toronto, or require a Toronto divorce lawyer, feel free to contact us today. We welcome any inquiries.