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Asset Divisions

Asset divisions occur in the case of a divorce or separation of a couple living under common law. In dividing assets, one of the most troublesome assets to settle is property (ex. land, house, etc.).

When dividing property, Part I and II of the Family Law Act are taken into consideration. Part II deals only with the division of the value of the matrimonial home, while Part I covers all other matrimonial property. Because we are focusing on the division of the matrimonial home, it is important to remember that no matter what the case is, the matrimonial home is equally owned by the two parties of the marriage. It differs from all other properties in that for those properties governed by Part I, the property belongs to whoever’s name it is under. If the matrimonial home is listed only under the name of one spouse, this spouse may keep the house; however, he or she must give the other party 50% of the value of the house. Keep in mind that claims under these laws can only be made by legally married couples. In an event as such, the appraiser is usually hired by both parties, or in some cases, the judge orders an appraisal report. The value given is then used to determine which parties will get what. In addition, an appraisal completed by a professional is accepted in court as valid evidence. This fair, clear-cut procedure for asset division will altogether avoid unnecessary conflicts between divorcees.

Asset divisions can also be applied when, for example, two people who decided to be business partners bought property before, and have now decide to close down their business, and divide the remaining assets among themselves. The same procedure as with the first case applies.

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