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Equalization of Property in Family Law

When there is a breakdown of marriage, you and your spouse separate and /or divorce, the value of all the property accumulated during the marriage is to shared equally between you and your spouse, through a process called “equalization”. This is according to the Family Law Act unless you and your spouse have agreed otherwise and stipulated in a domestic contract.

What is Equalization and what are the steps to complete this process? There are two steps of equalization.

Step 1: Calculate Net Family Property:

The net family property for you and your spouse is calculated as of the valuation date. This date is usually date of separation with no possibility of reconciliation. Net Family Property is calculated by putting together a list of all the assets on the date of separation and its value on that date. From the total of this amount, the following are deducted:

  • Debts at separation
  • Gifts you received
  • Property you inherited
  • Value of property you brought into the marriage

Step 2:  Share the Family Property Equally:

Once step 1 is complete, you must disclose your net family property to the other. The value of the net family property must then be equalized. The spouse, whose net family property is higher, must give the other spouse half of difference between the two amounts. This is called equalization payments.

These steps are applied if you and your spouse are married. The rules of division of property do not apply to common-law couples and their property rights are different.

Call us for more information @905-290-7205.

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Joint Custody and Shared Custody

Joint Custody and Shared Custody are both custody arrangement with shared parenting and considered synonyms.

In a joint custody, both parents have custody and are entitled to make decisions about their child’s upbringing and well being. Usually, the child lives with one parent majority of the time and that parents makes day to day decisions for the child. The other parent will have access, right to visit the child and shares major decisions about the child.

In a shared custody arrangement, both parents make decisions about the child and the child lives equal amount of time with each parent. The child lives at least 40% of the time with each parent. This kind of arrangement affects the amount of the child support.  It is important that both parents live in a reasonable distance from each other making it convenient for the child to move between parents. Family Lawyer Mississauga can help you for Joint Custody and Shared Custody solutions.

The author of this article, Balvinder Kumar is a renowned Family Lawyer in Mississauga serving families across Mississauga, Milton and Brampton.

Call us for more information @905-290-7205.

What is Family Mediation? How Family Lawyer can help?

What is Family Mediation?

Family Mediation is an effective way to resolve and settle family conflict. Unlike, the court litigations, family meditation allows parties to maintain control and ownership of the entire process and emphasises the significance of cooperation and fairness. Parties are encouraged to communicate with each other to explore their respective needs and interests in order to reach to an agreement with the help of the Mediator.

The Mediator is not judging the parties neither is he/she providing legal advice to the parties. The Mediator facilitates a series of discussions with the parties leading to an agreement on the issues between the parties. The agreement is prepared in the form of Memorandum of Understanding. The parties would then take independent legal advice on the Memorandum of Understanding drafted by the Mediator. Now the process of drafting the Separation Agreement based on the Memorandum of Understanding begins.

Benefits of Family Mediation:

  • Parties and children are the priority
  • Parties determine the outcome
  • Removes adversarial atmosphere.
  • Cost Effective than court processes.
  • Short and simple than court processes.
  • Confidential and private process.

How Family Lawyer can help?

Before mediation process begins, it is important to first identify if family mediation is appropriate for you. It is recommended that you obtain legal advice before entering the mediation process. Your Family Lawyer can help in this regard.

Balvinder Kumar, the author of this article is a trusted Family Lawyer in Mississauga serving families across Mississauga, Milton, Brampton and GTA. Call us @ 905-290-7205 for more information.