or divorce, each spouse is entitled to an equal share of the marital property, and each spouse is responsible for an equal share of the marital debts, except in certain special circumstances. The most common types of marital property are the marital home, household goods, money, personal investments, automobiles and recreational vehicles. Marital debts can include financial obligations that were incurred by either spouse during the marriage, including debts like mortgages, car loans, credit card bills, lines of credit, etc. You can divide your marital property after separation. If you cannot agree, you can apply to the court for a division of your marital property. You do not need to be divorced to divide your property. If you are legally married and you wait until after you get divorced, you only have 60 days to apply for a division of marital property from the date that your divorce takes effect. In exceptional situations, you can ask the court to give you more time to apply.
What is matrimonial property?
Matrimonial property is all of the property that accumulates during a marriage. This kind of property will usually be divided equally between the spouses. Debt that has accumulated over the marriage is usually shared equally too.
What law deals with division of property?
The Matrimonial Property Act is the law in Ontario that sets out how property will be divided if the marriage breaks down. The Matrimonial Property Act only applies to people who have been legally married. The Matrimonial Property Act gives a couple the option of coming up with their own property settlement instead of going to court. what are the timelines under the matrimonial property act to divide the property?
26
Powered by FlippingBook