This is covered under Part I of the Ontario Family Law Act. These matters are canvassed in the first phase of financial disclosure in which important information concerning the nature, circumstances, and timing of any particular acquisition are thoroughly discussed.
Subject to special rules concerning the matrimonial home, premarital assets or entitlements are generally excluded from specific net family-property division. Similarly, an inheritance or estate gift would be identified and separated from the marital accounting. Since the recognition of these matters supports your best financial situation, it is extremely important to fully participate in the detailed work of preparing your financial statement or disclosure information. These learning conversations with your lawyer not only assist in the law-model equalization formula under the Ontario Family Law Act but also advance your understanding of the best financial and practical plans for successful transition through financial reorganization.
Nigel Macleod practises family law, mediation, and Collaborative Divorce in Ottawa.