Trust issues and NFP

If a person has an interest in a Trust does it form part of their NFP? To recap, 1n 1994, John White did an estate freeze. The result of the freeze was that he held $300,001 Class A preferred shares, with a fixed value of $1.00 each, in John White Family Holdings Ltd., and the John and Ann White Family Trust held ten common shares in Holdings. Holdings, in turn, held 100 common shares of the...

Property – Unequal Division of NFP

Are you entitled to an unequal division of net family properties because of the short duration of a marriage? The parties began living together in their jointly owned home in October, 2011; married in June, 2012; and separated in August, 2014. They were married for 25 or 26 months and cohabited for a total of about 34 months. Section 5(6)(e) of the Family Law Act provides for unequal division...

Inclusion of Common Shares in NFP as a result of an Estate Freeze

If a person owns preferred shares in a holding company, which owns a trust, does the entire value of the Trust form part of that person’s NFP? (1) Should the entire date-of-separation value of White Holdings (“the Corporation”), a corporation of which your client, Mr. White, holds the preferred shares, be included in your client’s NFP; and (2) Is your client entitled to credit for overpayment...

Promissory Note – Is it an interest in Property?

Does a monetary deposit with a promise to transfer a property in the future, confirmed by a Promissory Note, constitute an interest in the property under the Family Law Act? This is indeed an unusual situation in that there are a number of ways that the issue can be approached.  Frankly, I do not see any way that the wife can claim the husband has an interest in the property.  There is no...

What is Considered Marital Property?

The law on marital property division in Ontario can be very complicated, and is often misunderstood. For this reason, it is usually advisable to seek assistance from a specialized Toronto divorce lawyer. This can save you a great deal of needless stress. What is Regarded as Marital Property? Marital property really requires a good set of family lawyers. When a marriage breaks down, what is...

How to Work with a Lawyer

When you first meet with a lawyer, it is important to be organized.  It is always great when a client has all of his/her questions  prepared and ready to go.  Although it is not always possible to gather all of the necessary documents to substantiate your claims, it is great when a client has some documents to substantiate his/her claims and/or assets and liabilities.  When you are organized,...

Common Law Spouses and Unjust Enrichment

Common Law Spouses are defined as those couples that are not married and have a child or have resided together in a relationship for three years or more. (more…)

Financial Disclosure & Ontario Family Law

There is a recent decision of the Alberta Court of Appeal, Webb v. Birkett, wherein the court held that Family Law Lawyers, whether engaged in mediation, the collaborative law process, or any other process, has a duty to obtain full and complete financial disclosure, unless the client, being properly informed, waives the requirement. The Court of Appeal held that it is the duty of every lawyer...

Net Family Property – Section 4(1) of the Family Law Act

The Family Law Act in Ontario provides certain rules which govern the division of family property when spouses separate.  The parties must, essentially, divide the differences in the increases in their net worth, from the date of marriage to the date of separation.   Each party must determine his/her Net Family Property.  This is defined as the value of all of the person’s property on...