Are some of your fondest memories from the summers you spent at your family’s cottage? If you’re going through a divorce, you might be worried you’ll lose access to it forever. Read on to learn about how Ontario’s divorce laws treat cottages and recreational properties and what that means to you.
The Matrimonial Home
Ontario law recognizes the matrimonial home as a...
If a person has an interest in a Trust does it form part of their NFP?
To recap, 1n 1994, John White did an estate freeze. The result of the freeze was that he held $300,001 Class A preferred shares, with a fixed value of $1.00 each, in John White Family Holdings Ltd., and the John and Ann White Family Trust held ten common shares in Holdings.
Holdings, in turn, held 100 common shares of the...
For the purposes of providing divorced persons with equal assets, the courts may need the parties to calculate net family property in Ontario. The net family property (NFP) is the amount of each spouse’s assets minus that person’s liabilities and debts. By calculating this amount, the judge can then accurately award the lower income spouse with an amount of property or assets that...
