Divorce is a difficult time emotionally for both parties involved. And to top it off, there are so many other legal aspects to take care of. One of those aspects that must be resolved with legal guidance is divorce property issues Barrie. During their marriage, a couple might have invested in individual and common properties. And hence according to law, they must be divided equally among both parties. If you have decided to divorce your partner, you can get in touch with our legal team at Owen & Associates Law for divorce property issues Barrie.
Here are a few things that you must know about financial and property settlements after a divorce.
“Equalization”: What is it?
As mentioned above, after divorce all the financial and property assets must be divided among both parties equally. This means that both parties involved leave with an equal amount of money and property. For example, among the couple, one partner has invested in more property than the other, s/he must pay the other spouse an “equalization payment” to ensure that the settlement is equal. Divorce property issues Barrie is open to contest in court only for legally married couples and not for common-law relationships.
Does it end here?
As much as you want the divorce proceedings to end quickly in your favour, several aspects can affect the divorce property issues Barrie settlement. These matters can get complicated due to aspects like one partner owning more property than another, business interests, pensions, and significant investments, and more.
All these factors will need further investigation and evaluation to ensure the “equalization” of the property issues. Other factors that can affect these issues include:
- Short Marriages (might result in unequal distribution of assets)
- Property that is owned before marriage is exempt
- Inheritance and gifts are exempt from this law
Settlement of Marital Home
Another major divorce property issues Barrie is the settlement of the marital home. This is the biggest asset for both the parties, and they have the right to live there as long as the judge doesn’t say otherwise. Dividing a marital home can complicate the divorce proceedings and settlement of the property. After the marriage breaks down, the couple might want to stay there. Or they might want to leave but receive an equal share in the property. For the same, they will need a mediator or leave it on the judge to decide.
In any case, we at Owen & Associates Law will provide the right legal guidance for efficient divorce property issues Barrie settlement. So, get in touch with our team now to know more.