Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.
Wanted or unwanted, divorce tends to leave an impact on a person. Let’s get right down to the facts. Which individual gets what once you’ve decided to divorce each other? Let the legal consultants at Nanda & Associate Lawyers guide you. Property division may be a nasty process for some individuals, while others can handle it swiftly and effectively.
The Canada Revenue Agency deems your marriage to be terminated for tax reasons if you’ve split and stayed separately for more than 90 days without the possibility of reconciliation. Your tax status changes at this time, and you may be eligible for benefits depending on your new accumulated net income. There are some additional ramifications. For instance, you won’t be able to divide your pension income or split certain tax advantages.
Family Patrimony
Property distribution depends on the partnership’s legal status: whether it was a civil union, marriage, or common-law marriage. It also depends on the territory or province you’re a resident of.
When a marriage dissolves, each individual generally retains ownership of any assets owned before the marriage. It will be necessary to share the property gained throughout the marriage. But, there are still some outliers. Consult one of our experts for advice on the type of specialized knowledge you want.
Property Division Rules
When a couple gets divorced, the law mandates that the net worth of the family inheritance (after dealing with debts) be shared equally. This might imply splitting the worth of the below-mentioned assets:
- Any family properties such as vacation home, trailer-house, cottage, or other property.
- Cars and other automobiles belonging to the family.
- Any retirement funds such as RRSPs, government-provided pensions, RRIFs, etc.
- Joint debts incurred to obtain, retain, or safeguard family heritage assets.
Remember that assets, such as a home, must be assessed and traded at market price.
Assets Excluded From Divorce
Items that aren’t part of the family inheritance don’t need to be split. Some examples are:
- Bank accounts, bonds, or shares.
- Personal belongings such as jewellery and other valuables.
- Gifts and money are passed on or given as gifts.
- Income properties
Depending on your matrimonial regime, you could be asked to share some things that aren’t considered family patrimony. This is something that a marital contract may help with.
Are you in search of a professional divorce consultant? Nanda & Associate Lawyers have top-of-the-line family law specialists, divorce specialists, and immigration consultants. We also provide Canadian student visa rejection appeal services and entrepreneur visas to our wonderful clients. We also recently sponsored the Osler Foundation’s Holi Gala, which helped raise a total of $847,000 in funds for medical equipment for three separate hospitals.
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