Property Division on Separation
A court must follow a three step process when making an order for a division of property under the Family Law Act. The first step is to determine what property is owned by the parties – both jointly and individually. Generally, a court will not make an order for a division of property settlement unless it knows that all of the property is owned by the parties.
The second step is valuing the property of the parties. This involves deducting the parties’ debts from the gross value of their property. The result is the net value of the parties’ assets.
The third step consists in the court dividing the net asset pool between the parties. In general, a court will divide the net asset pool in light of the parties’ respective:
• Financial contributions to the asset pool,
• Non-financial contributions to the welfare of the family and
• Future economic positions and needs.
We can give you an indication of how a court would divide the assets of your relationship between you and your former partner. This can be achieved during an initial conference. Please contact our office if you want to find out what your entitlements are.