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Division Of Property In Divorce: Essential Considerations

Divorce is more common than you would think in Canada. In fact, one out of every 314 adults in the country are divorced. In a survey of 100 countries across the globe, Canada ranks 24th.

In many cases, deciding to divorce is easier than dividing assets. Without legal assistance, couples struggle to equitably divide homes, vehicles, and savings. Adding in child custody and divorce proceedings can be messy.

Read on to learn how a divorce consultation provides invaluable guidance on asset distribution. Explore topics such as the types of divorce and dividing marital property.

There are two types of divorce in the Manitoba Province. An uncontested divorce is the easiest of the two.

Here, the divorcing couple receives a short court hearing. The presiding judge reviews signed affidavits and hears any evidence. In an uncontested divorce, there are no qualms about how to divide marital property.

Contested divorces are the more complex type. This is where both parties cannot agree to a divorce. They are battling over family matters such as child custody and asset distribution.

We recommend that you secure the services of a family attorney for both types. However, a family lawyer is essential for contested divorces.

For a judge to grant a divorce, you do need to demonstrate that a marriage breakdown has occurred. There are three ways to show this; adultery, cruelty, or a separation of greater than one year.

How Is Marital Property Divided?

Dividing property is one of the more challenging issues to tackle during a divorce. One partner needs to find new living accommodations and only see their children on specific days.

Some Canadian provinces have community property laws. Here, the property's value is split 50:50 between the two partners.

Manitoba does not automatically handle divorce this way. The Family Property Act does ensure equitable distribution of marital property.

What Legal Factors Are Considered?

The judge may review other factors to establish this equitable division. These factors include the earnings of each spouse, post-divorce quality of life, children, and how the divorce will affect each partner's finances moving forward.

Sweat equity is another factor for the judge to consider. This term covers work that a person(s) performed to raise the home's value.

Lastly, the judge weighs each partner's debt and pre-marital asset contributions. The net result is a net family property calculation.

The judge may require an equalization payment to ensure a fair divorce. This occurs when the judge determines that one partner's net family property is higher than the others.

There may be exclusions that will help your calculation. Hiring a family attorney is critical to ensuring that you get the fairest deal possible during a divorce.

Your Guide to Divorce Consultation and Proceedings

Your legal consultation is the first step in the process. Our lawyers at Cassidy Ramsay will help you collect the financial documentation that you need. They will leave no stone unturned in their pursuit of an equitable split.

If you want to set up a divorce consultation, contact us today at Cassidy Ramsay to speak with an experienced legal expert.



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