Ensuring A Fair Division Of Assets
At Foote Law, we understand that divorce can be an emotionally challenging time, and the division of assets adds more complexity to an already sensitive situation. When a couple decides to part ways in Ontario, the Equalization Process plays a crucial role in ensuring a fair distribution of assets, and our experienced team of family law experts is here to guide you through this process with compassion, empathy, and expertise.
How Does It Work?
To begin this process, we work closely with our clients to gather all relevant financial information, including assets and liabilities brought into the relationship and acquired during the marriage or cohabitation. This includes property, investments, pensions, business interests, and debts. Moreover, our team understands the importance of paying attention to detail in financial documentation, as accuracy is critical to achieving a fair outcome.
How Is Equalization Calculated?
Calculating the Equalization Process involves comparing the net family properties of both spouses. Consequently, net family property is determined by totalling each parties’ assets, then deducting each parties’ debts; and finally deducting any specific exclusions from the total assets accumulated, such as inheritances and gifts one spouse receives during the marriage, to arrive at each parties’ “net family property”. The spouse with a higher net family property would then pay the other spouse an equalization payment to balance the wealth acquired during the marriage.
At Foote Law, we aim to minimize conflict during the Equalization Process. We recognize that a smooth resolution will benefits all parties involved. As a result, we prioritize negotiation and mediation to reach amicable agreements whenever possible. However, if court intervention becomes necessary, our seasoned litigators are prepared to protect your interests and rights throughout the legal proceedings vigorously.
How Can Foote Law Help?
Our legal experts are well-versed in Ontario’s family law statutes, and we keep abreast of any changes in legislation. This ensures that we provide the most up-to-date advice to our clients. Furthermore, our commitment to personalized attention ensures we carefully consider your unique circumstances. As a result, we tailor our approach to fit your specific needs and objectives.
Navigating the Equalization Process can be overwhelming, but with Foote Law by your side, you can trust that we handle your case with professionalism, sensitivity, and dedication. Our client’s well-being is our top priority, and we are here to support you through every step of the divorce process. Consequently, we work diligently to secure a fair and equitable resolution for your future.
Contact Foote Law today.