Speak To an Equalization Lawyer in Vaughan
The team at Mazzeo Law are considered the most trusted lawyers in the industry in respect of the issue of equalization and equitable distribution of property. Settle disputes more simply with advice and opinions from the leading equalization lawyers in York Region.
When married spouses separate, the Family Law Act calls for an equalization of the spouses respective net family property so that an equitable distribution of the marital assets can be achieved. In order to calculate the equalization payment, a valuation date (often referred to as date of separation) must be established.
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Vaughan Equalization Payments
The valuation date is defined as the earliest of the following dates:
- The date the spouses separate and there is no reasonable prospect that they will resume cohabitation;
- The date a divorce is granted;
- The date the marriage is declared a nullity;
- The date one of the spouses commences an application based on subsection 5 (3) (improvident depletion) that is subsequently granted.
- The date before the date on which one of the spouses dies leaving the other spouse surviving.
Equalization Agreement Terms in Vaughan
Once the valuation date is established, the parties must identify the relevant property that is to be included and excluded from the net family property and equalization calculation.
The parties must prepare Financial Statements and Net Family Property Statements that detail all Vaughan assets and liabilities on the date of marriage, the valuation date, and as of the date of the statement.
Expert Vaughan Equitable Distribution Lawyers
Please schedule a consultation meeting for a more detailed discussion of the issue of equalization laws in Vaughan. We will provide an in depth discussion of the various complex issues that can be challenging in the area of equitable distribution and equalization of family property including:
- resulting and constructive trusts
- the definition of property for the issue of equalization
- deduction and exclusions from net family property
- the calculation of equalization payments
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