Division of Assets
Division of Assets
Are you going through a divorce or separation and are concerned about the division of assets? At S. Cahill law, our experienced family lawyer understands the complexities of asset division and can help you navigate this process.
Division of assets in family law refers to the process of dividing up and distributing the property, assets, and debts of a married or common-law couple upon separation or divorce. This process involves identifying all of the assets and debts that are jointly owned or held by the couple, and determining the fair and equitable way to divide them between the parties.
The Family Law Act governs the equalization of net family property. Equalization is when one spouse pays the other spouse half of the difference of the net value of assets after taking into account the debts and liabilities.
Equalization only applies to married spouses. If you are in a common law relationship, you can make a claim known as trust claims. With trust claims you may be entitled to compensation from your spouse to pay you back for a direct or indirect contribution to property that they own.
If you are facing a division of assets issue, don’t hesitate to contact S. Cahill’s family law firm team. Serving families across Orangeville and surrounding areas, we will proudly work with you to understand your needs and provide you with the legal support you need to protect your assets and secure your future.
S. Cahill law Family law firm provides an affordable pathway towards separation that is specific to your needs. Let our associates assist you in professionally navigating the Family Law system. We can review and expertly draft a separation agreement that will protect you and your children’s rights as you take on a new phase in life.
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