How Division of Assets in Divorce Works – Ontario Divorce Law

Division of assets in divorce Ontario
  • Division of assets in divorce focuses on the principle of “all things equal.”

  • Through a net family property (NFP) calculation you and your spouse share what was gained during your marriage.

  • Pensions earned during the marriage are property and are included in your NFP calculation.

  • If you started earning pensions before you got married, you begin calculating it on the date of your marriage and the date of your separation

  • Inheritances received don’t have to fall into your division of property.

  • Your matrimonial home has a special status under the Family Law Act.

  • There Are Exceptions to Equalization?

Matrimonial Home Buyout Calculator

Property Division

Example Net Family Property Calculation

John J Smith Amount
Assets
Value of  Real Estate $1,200,000
Household (Cars, Boat Furniture, etc.) $55,000
Financial Accounts (Pension, Savings, RRSP etc.) $350,000
Other $15,000
Subtotal of Assets $1,620,000
Liabilities
Mortgage $275,000
Car Loan $9,000
Tax Allowance on RRSP and Pension $45,000
RE Disposition Cost $66,000
Subtotal of Liabilities $395,000
Date of Marriage Deduction
RRSP $12,000
Student Loan ($4,000)
Subtotal of Date of Marriage Deduction $8,000
Excluded Property
Kids RESP $23,400
Inheritance $50,000
Subtotal of  Excluded Property $73,400
Net Family Property Summary
Total Assets $1,620,000
Less Total Liabilities $395,000
Less Total Marriage Deduction $8,000
Less Total  Excluded Property $73,400
Net Family Property $1,143,600

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Division of assets

Excluded Property:  Property excluded from a net family property calculation because it was received as a gift or inheritance from a third party. The matrimonial home is never considered excluded property no matter how it was acquired or received.

What happens to property owned before marriage?

Date of Marriage Deduction:  Property excluded from a net family property calculation because it was acquired before marriage. The matrimonial home is never considered excluded property no matter how it was acquired or received.

Articles that may interest You!

What is excluded from marital assets?

Other articles you may find interesting:

Here is a video you may find helpful

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Contact Information
Ken S, Maynard CDFA
1.855.731.3500
647.360.3200

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2022-06-17T21:41:33-04:00
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