Property and divorce
1. In general property is divided evenly at the end of a marriage.
2. All assets must be disclosed to your partner with an attached value.
3. Property which was owned prior to moving in together or marriage (whichever is earlier) is not evenly divided.
4. Inheritances are exempt from division unless the money has been used towards the matrimonial home.
Money and divorce
Money is divided in much the same way as property. All money accumulated throughout the marriage is divided evenly. The money held by the parties prior to the marriage and any money associated with an inheritance is exempt from being evenly divided.
Pension and divorce
The value of the pension at the time of marriage (or cohabitation) is determined, and the owner of the pension is entitled to this amount. The pension is then evaluated at the time of separation, and any difference in value between the date of marriage and separation is to be split between partners.
What happens to RRSPs in a divorce?
They are divided based upon value at the date of marriage or cohabitation and the increase in value between that date and the date on which you separate is the amount that must be divided. The sale or transfer of an RRSP carries potential tax consequences. It is important to be aware of these tax consequences when determining how to divide the asset.
Divorce Asset calculator
Thistoo's asset calculator is designed to create a fair division of assets based upon the information you provide. All you need to do is indicate whether you want to keep the asset, give the asset to your ex, or that you don't care. From that point on Thistoo handles the rest and provide you with three possible outcomes:
- Your Choice generates an arrangement where you and your partner each get exactly what was requested. The remaining items are split evenly in an attempt to balance the value of the divided assets and minimize equalization payments.
- Compromise takes your requests into consideration while also trying to more aggressively balance the assets. You may not receive every item you request, but the assets will be divided as evenly as possible.
- Maximise Cash attempts to liquidate any eligible assets so that you and your partner each receive the maximum amount of money from your combined assets.