divided based on what is fair · Increases in value of exempt property · Income received from exempt property · Property acquired after the separation · Gifts from one spouse to the other
Property that is exempt from sharing · Inheritances · Property that one spouse owned before the marriage · Gifts from third parties · Any award or settlement of tort damages or proceeds from non-property insurance policies
If the spouses lived together before marriage, does the property they bought then get divided too?
The property that they accumulated before the marriage would not be divided using the Matrimonial Property Act. If the spouses wanted that property to be divided, then they would have to divide that property as if they were unmarried. Sometimes it is not worthwhile to apply to divide any property from prior to the marriage. It depends on the assets. For example, if the couple bought a house together prior to their marriage and they owned it jointly, then the property would be divided equally anyway.
What about property that is owned outside of Ontario?
The law allows a judge to think about property outside of the province. While the judge cannot make an order that relates to that property, the judge can take that property into consideration. Often, this means that the judge will divide the property in the province in such a way to reflect the property outside of the province. If spouses are making their own agreement, they should make sure to include the values of out-of-province assets.
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