Estate Planning After Divorce: What You Need to Know
Divorce is a life-changing event. It impacts your finances, your family relationships, and your social connections. It also derails the careful future plans you may have made with – and for – your spouse. One area that often gets overlooked in a divorce process, is estate planning. In this Blog, we’ll explore why post-divorce estate planning is critical, explain how Ontario law affects...
Divorce in Ontario: Buying Your Spouse Out of the House
Dividing assets during a divorce process in Ontario can be a complex process for most couples. This is especially true about their matrimonial home: It’s not only steeped in memories, but usually represents a couple’s most valuable marital asset. This means the decision on what happens to it is not merely emotional, but also important from a legal and financial standpoint. One common...
Starting a Business Before Your Divorce is Final: What You Need to Know
Starting a new business is an exciting venture at any time in life. But if you’re in the midst of a divorce, you might be wondering how it might affect things. Let’s start with a key point: There’s nothing to prevent you from starting a business now – in fact, Canadian divorce law is structured to help former spouses move on quickly with their separate lives – but there are a few legal and...
Received an Early Inheritance? Learn How to Protect it in a Divorce
Early inheritances are becoming more routine lately, and are coming up for discussion in families more often. Perhaps your aging parents have earmarked some Estate funds for you, and are thinking about putting them in your hands now, before their inevitable passing. That way, you can enjoy it sooner rather than later. This kind of unexpected windfall can provide you with a significant...
My Spouse Died After We Separated. What Happens to All Our Assets & Debts?
If you’re separated but not divorced, and your spouse suddenly dies, it can add an unexpected layer of complexity to the process of divorce, which is already an emotional and challenging situation. You may wonder how your spouse’s death will affect the division of your marital assets and liabilities, particularly if things weren’t fully settled before they passed away. Understanding how...
Canadian Family Law 101: Property Acquired After Separation – But Before Divorce
Most married couples will be familiar with a basic principle of Canadian Family Law: That any assets they acquired during the marriage are subject to an equalization process upon separation and divorce. In Ontario, that process is governed by the provincial Family Law Act, R.S.O. 1990, c. F.3 (FLA). But what about property that one of them acquired after their separation date? For example,...
“Exclusive Possession” of Your Matrimonial Home: What Does it Mean?
Many of you might know that under the Ontario Family Law Act (FLA), your matrimonial home has special status once you decide to separate from and divorce your spouse. At that point, your matrimonial home (defined as every property that “was at the time of separation ordinarily occupied by the person and his or her spouse as their family residence”) is subject to special rules governing how it...
Why Business Owners Should Consider Entering into a Marriage Contract Before Marriage
Marriage is not only a union of hearts but also a union of assets, responsibilities, and commitments. This union can be particularly complex for business owners, as it can involve substantial financial interests and assets built over years of hard work. While no one enters into marriage thinking about divorce, it’s prudent for business owners to consider the potential benefits of a...
Protecting Your Finances in a High-Asset Divorce: Strategies and Considerations
Going through a divorce can be emotionally and financially challenging, especially when substantial assets are at stake. In this blog post, we will provide valuable advice to individuals who are navigating a high-asset divorce. From identifying and valuing assets to implementing effective strategies, we will guide you in protecting your financial interests during the divorce process. Remember,...