Why what you brought into the marriage matters - BlogBite (23)

Here is a hypothetical scenario:

• You are married and now separated,
• you are completing a Financial Statement,
• you need to make a list of what you owned and what you owed on the date of marriage,
• you are not quite sure why:
• and you are too embarrassed to ask your lawyer for another explanation; or
• you are representing yourself, you do not understand the reason but you have seen the Financial Statement form and you know you have to do that.

Ontario's Family Law Act provides a formula for dealing with assets and debts when married spouses separate. Some people refer to this as "property division" - in fact, the process based on the formula, is called "equalization".

In Ontario, in the calculation of their "net worth" for family law purposes, called Net Family Property, deceive credit for the value of their assets at marriage minus their debts. 

That is why you are preparing that list.....

UPDATE - January, 2018

We are pleased to let you know that our Etsy shop is now OPEN!

Visit it here: SELFREP SUPPORT

In the shop, we make available to you Manuals (E-books) on various topics, to assist you in representing yourself before Ontario's family law Courts.

So far, we have Manuals on:

• preparing an effective Financial Statement (both long-form and short-form); 
• preparing an effective Affidavit; and
• the basics of service and filing...

MORE MANUALS TO COME! 

"Why does it matter what I had when we married?" - BlogBite

BlogBite (12)

Question: "I was married and I am now separated. Someone told me that it is important for me to show what I had when I married my wife. Why does this matter?"

Answer: Ontario's Family Law Act provides a mechanism for the sharing, on separation, of the spouses' assets and debts, by value. The Act contemplates the sharing by the spouses of the increase in their net worths (based on a formula) between the date of marriage and the date of separation. In other words, a separated spouse gets credit for the value of their assets (less liabilities) at marriage. This is why it's important for you to establish that value.

Do you have any further questions? Give us a call....