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money you received from an insurance company because someone died; money you received, or have a right to get, as a result of a personal injury like a car accident; property that you and your spouse have agreed to exclude through an agreement; Example of debts include: money owed on credit cards; the amount left to pay on your house (mortgage ...
Nov 14, 2022 · Section 18 of the Family Law Act provides this definition: “Every property in which a person has an interest and that is or, if the spouses have separated, was at the time of separation ordinarily occupied by the person and his or her spouse as their family residence.”. To qualify as a matrimonial home, the property must be located in Ontario.
Jan 28, 2020 · You get your excluded property back and divide what's left equally. If either of you bought property before you moved in together, you share the increase in value of the property since you started living together. (So, if the property increased in value by $100,000 during the time you lived together, you'd get $50,000 each.)
Common law couples have a great many of the same legal rights as those in marriage. There are distinctions when it comes to spousal support payments and property division. According to the Family Law Act applicable to common-law partners, any household items or other possessions purchased by either person are kept individualistically.
Oct 20, 2023 · If spouses own a piece of real property jointly, there are typically two ways that the property can be dealt with: 1. One of the spouses can keep the property. This requires the other spouse to transfer their interest in the property to the spouse that is keeping the property. If there is a joint mortgage registered against the property, this ...
Mar 17, 2020 · In most provinces, the value of the matrimonial home is divided exactly equally, regardless of who contributed how much. In Ontario, the rule for splitting the family home is particularly strong. Even if one spouse owned a house free and clear prior to the marriage, the value of that house will be split equally between them if they divorce.
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