Dividing Complex and High Valued Assets
When two people live together, they typically acquire assets which they share. When they decide to go their separate ways, such as in the case of a divorce, it can be extremely difficult to value and divide their property, especially when their assets are complex and have high value. At The Law Office of Thomas J. MacLennan, we can assist you in the following matters related to property division:
- Equalization of net family property
- Valuation issues
- Constructive and resulting trust claims
- Hidden assets
- Business interests
Dividing Property During an Ontario Divorce
Common law property remedies are available to both married and common law spouses in Ontario. As long as you contributed to the acquisition, improvement or maintenance of an asset, you can usually assert a property claim. At The Law Office of Thomas J. MacLennan, we work with a variety of experts, such as chartered accountants, certified business valuators, forensic accountants, real estate appraisers and other professionals, in order to accurately value assets during a divorce.
Our team will bring you through the Ontario's accounting process as efficiently as possible, in order to determine your net family property. We will value all property at date of marriage and at the date of separation. After these values are established, the spouse with a higher amount of assets is required to split the difference with the other spouse. However, there are exclusions that can come into play. It's best to consult Thomas J. MacLennan directly about your specific circumstances, as he has more than 20 years of experience in complex and high asset property division.
The Matrimonial Home
In Ontario, each spouse has an equal right to occupy the matrimonial home. Even if one person brought the home into the marriage, in the absence of a valid agreement, he or she cannot deduct its marriage date value when calculating net family property.
To discuss your unique situation, contact our highly knowledgeable Toronto property division lawyer through our online form or call 416-591-1354 to arrange a consultation.
