Asset divisions occur in the case of a divorce, or a separation of a couple living under common law. In dividing assets, one of the most challenging assets to settle is property.
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. The division of the matrimonial home differs from all other properties in that, no matter what the case is, it is equally owned by the two parties of the marriage. This differs from properties governed by Part I, which belongs to whoever’s name it is under. For example, 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. In an event as such, the appraiser is usually hired by both parties or, in some cases, the judge may order 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 had bought a property before, and have now decided to close down their business and divide the remaining assets among themselves. The same procedure as with the first case applies.
We have worked with a few family law firms and marriage counsellors, to name a few: William H FYSH, Chappell Partners LLP, ZG Lawyers Firm, Sadiq Law Office, Fairmore Family Law, etc.
Our appraisers have had experience providing expert witness testimonies for the Superior Court of Justice Family Court.