Property Equalization
Read the Berman Equalization Reporter
Many clients presume that upon marital breakdown, the property they accumulated during the marriage is simply split in half. This is not the case. Rather what happens is that the value of the property owned by each spouse ['Net Family Property'] is calculated in accordance with a specific method set out by the Family Law Act. Then, typically, a money adjustment, known as an 'Equalization Payment', is paid by the spouse with the higher Net Family Property to the other spouse to equalize their Net Family Properties. When calculating Net Family Property, the Family Law Act provides for special deductions and exclusions which must be taken into account.
Berman Barristers is dedicated to working with our clients and their accountants or other professional advisors to manage the effects of Property Equalization and to ensure the preservation of wealth upon Separation/Divorce.
We prepare, obtain and/or provide detailed analysis of:
We provide detailed analysis and documentation in the form of :
- Financial Statements
- Net Family Property Statements
- Income Valuations
- Property Valuations
- Business Valuations
We have developed and successfully used several strategies to help our clients achieve mutually satisfying and fair Equalizations of Net Family Property and to preserve their wealth upon marital breakdown. These strategies, together with the leading and most recent case law in this area, are found in Berman's Equalization Reporter. To access the Reporter, click here.
Property Equalization only applies to married spouses. However, common law spouses may be able to claim an equitable interest, known as a Trust, in property owned by the other spouse during the spouse's cohabitation.
To make your initial consultation as effective and efficient as possible, we encourage you to fill out and bring with you our Financial Statements.
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