Estates Law Toronto
5255 Yonge St M2N 6P4 Toronto, ON, Canada

In Ontario, when married spouses are separated with no reasonable prospect of reconciliation, either spouse may apply for an equalization of Net Family Property. Section 5 of the Family Law Act says the spouse with the lesser of the two net family properties will be entitled to half the difference between them. Generally speaking, a parties' net family property is calculated by deducting the net property owned on the date of marriage from the net property owned on the date of... separation, or what is also called the "valuation date." However, there are certain exceptions to this general rule. Section 4 of the Family Law Act also describes "excluded property", which, although owned on the valuation date, is excluded from a parties' net family property. Pursuant to the legislation, there are several categories of excluded property. These include gifts or inheritances during the marriage, and any income received from such properties; damage awards; life insurance proceeds; and property excluded by domestic contract. As long as such property or income was not put into the matrimonial home and as long as it can still be "traced," the value may still be excluded from a parties' net family property.

The contents of your bank accounts can be added to the value of your estate when calculating the Estate Administration Tax. Joint accounts; however, do not.The contents of your bank accounts can be added to the value of your estate when calculating the Estate Administration Tax. Joint accounts; however, do not.

An attorney for property is legally bound to keep accurate records of any and all income and disbursements made on behalf of the estate owner. Failure to do so could result in legal proceedings, which can be very time consuming and expensive.

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Protect your property for your loved ones. If you don’t have your wealth protected, your estate objectives can be greatly affected. I have been practicing family and estate law for 40 years. If you have any questions, come in for a consultation.