Is my wife entitled to half my savings?

In Ontario, savings are subject to equalization rather than automatic 50/50 division during separation or divorce Under Ontario's Family Law Act , the division of matrimonial property follows an equalization process that considers the net worth of both spouses. Rather than simply splitting savings accounts, the law requires calculating the difference in wealth accumulated during the marriage. The equalization process includes: Determining each spouse's net family property value on the date of separation Calculating assets acquired during the marriage, including savings, investments, and pensions Subtracting pre-marriage assets and excluded property like inheritances or gifts Equalizing the difference between both spouses' net family property values This means your spouse may be entitled to more or less than half your savings, depending on your complete financial picture and other factors considered in the equalization calculation.

Ontario Divorce: Equalization of Savings Explained

In Ontario, savings are subject to equalization rather than automatic 50/50 division during separation or divorce

Under Ontario’s Family Law Act, the division of matrimonial property follows an equalization process that considers the net worth of both spouses. Rather than simply splitting savings accounts, the law requires calculating the difference in wealth accumulated during the marriage.

The equalization process includes:

Determining each spouse’s net family property value on the date of separation
Calculating assets acquired during the marriage, including savings, investments, and pensions
Subtracting pre-marriage assets and excluded property like inheritances or gifts
Equalizing the difference between both spouses’ net family property values

This means your spouse may be entitled to more or less than half your savings, depending on your complete financial picture and other factors considered in the equalization calculation.