During a divorce or separation, dividing assets is always a point of contention. For some couples, the division of property can be very complicated and messy, while others are able to deal with it amicably.
According to the law, parties enter a marriage as an equal partnership. So, whether a spouse is responsible for raising children and managing the household or earning family income, their contribution to the relationship is equally important. When a marriage ends, the partnership is over and property has to be divided.
The general rule for this division is: The value of any property that you acquired before or during your marriage and that you still have when you separate, must be divided equally between spouses. Property that was brought into your marriage is yours to keep, but any increases in the value of this property during the duration of marriage must be shared. The division of property is called equalization of net family property.
Most family assets are subject to equalization, with limited exceptions, which should be discussed with your Counsel. Division of property is a complicated legal issue and requires the advice of competent family law counsel.
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