Ontario. You should also write down when you got the property and how it was paid for.
Step 2: Value the property
Property values change over time. If you separated from your spouse a year ago, your house would have been worth a certain amount at that time. If you’re dividing property now, are you going to use the value of the house at the time of separation? Or the value of the house right now? As already mentioned, the law says a judge will divide property based on the value of the property at the time of trial. But, if you are coming up with an agreement on your own, you can choose a date that works for both you and your spouse. Many people choose to use the value of the property at the time of separation. There are different methods for figuring out how much an asset is worth, depending on the asset itself.
Step 3: Share property and financial information
Sharing property financial information is also called providing financial disclosure. You are required to provide information about all of the property that you own. Even if the property is owned with someone else, or is located outside of Ontario, you must have all the equities and debts. You also have to share information about any property that you’ve gotten rid of in the past year.
Step 4: Sort all of the property into different categories according to Matrimonial Property Act..
Examples of Property that will not be divided Certain kinds of property will usually be excluded from division and given to one spouse only. Exempt property includes:
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