Bank accounts are considered family property and divided equally through Ontario’s equalization process

During a divorce in Ontario, bank accounts opened during the marriage are treated as matrimonial property and subject to equal division. The equalization process ensures both spouses receive a fair share of all family assets, including savings, chequing, and joint accounts.

Several factors affect how bank accounts are divided:

• Accounts opened during the marriage are typically split 50-50
• Pre-existing accounts may be excluded if kept separate throughout the marriage
• Joint accounts are usually frozen until both parties agree on division
• Date of separation determines the valuation of accounts
• Business accounts may require special consideration if used for family expenses

It’s important to note that couples can negotiate different arrangements through a separation agreement or seek the court’s guidance if they cannot reach a mutual decision.