Divorce settlements divide marital assets and debts based on legal principles of equitable distribution
In Canada, divorce settlements aim to achieve a fair and equitable division of matrimonial property between spouses. The court considers multiple factors when determining how to distribute assets and debts.
Key factors that influence property division include:
- Length of marriage – longer marriages typically result in more equal distribution
- Financial contributions – including income, savings, and retirement accounts
- Non-financial contributions – such as childcare and household management
- Future needs – including earning capacity and health considerations
- Child custody arrangements – affecting housing and support requirements
Most provinces follow an equal division of matrimonial property acquired during marriage, though exceptions may apply. It’s advisable to seek guidance from a family law professional to understand your specific rights and obligations under provincial law.