Property
Property
Net Family Property means the value of all the property (some exclusions being: inheritance that was not used towards the matrimonial home, personal injury damages, life insurance proceeds) the spouse owns on the separation date minus debts and liabilities and minus value of property owned on the date of marriage minus debts and liabilities owned at date of marriage.
NFP=(Value of property owned at separation – debts and liabilities) minus (Value of property owned at date of marriage – debts and liabilities)
If a spouse has an NFP less than zero, it is deemed to be zero. The value of a matrimonial home owned at date of marriage is not included in the value of property owned at date of marriage.
Net Family Property Equalization
The spouse whose net family property is the lesser of the two net family properties is entitled to one-half the difference between them. You cannot make a claim for an equalization payment after the earlier of two years after your divorce or 6 years after the separation date.
Source: Family Law Act Part I, 4(1), (2), (5)¸ 5.(1), 7(3)
Common-Law Spouses
In a common-law marriage the property each spouse brought into the relationship and any increase in value remains the property of that spouse. The spouse who purchased an item during the relationship remains the owner of that item. Upon separation you will need to decide how to divide the things that you purchased jointly. You might be able to make a claim to be awarded a share of your common-law spouse’s property based on the size of your contributions and how much it increased in value.
Source: CLEO4
