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Property Claims under Ontario's Family Law Act.
Part I of the Family Law Act forms the basis for claims made by married spouses. The Act acknowledges marriage as a partnership and asserts that wealth accumulated during the marriage should be equally divided upon its breakdown. This provision is designed to ensure an orderly settlement and provide certainty following the dissolution of a marital relationship.
Is your WSIB pension considered Property in Family Law?
One such exception is the status of Workplace Safety and Insurance Board (WSIB) pensions. According to a Court of Appeal for Ontario ruling in the case of Lowe v. Lowe, WSIB pensions are not considered "property" under the FLA. This is significant because, in general, pensions are included in the net family property calculation during a divorce or separation. However, the different treatment of WSIB pensions means that they are not factored into this calculation.
Property Division in Ontario
The calculation of net family property is determined by the spouse’s valuation date value (the value of all the spouse’s property on the valuation date minus all debts and liabilities on the valuation date) and the spouse’s date of marriage value (the value of all the spouse’s property at the date of marriage minus all debts and liabilities at the date of marriage). The date of marriage value is then subtracted from the valuation date value to arrive at a spouse’s net family property.
Property Exclusions in Net Family Property Calculation
Upon the breakdown of a marriage, an important aspect to consider is the division of property. In many jurisdictions, the goal is to equalize the value of the property acquired during the marriage. However, what is often overlooked are the exceptions to what is included in calculating net family property, also known as exclusions. These exclusions play a significant role in determining the final net family property figure and can greatly influence the division of assets.
Constructive and Resulting Trusts in Family Law
Constructive and resulting trusts are legal concepts that courts use to rectify situations where property ownership might lead to an unjust enrichment of one party. This typically happens when both parties have contributed to the accumulation of wealth, but the property is solely in one spouse's name.