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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.
Pension Division in Ontario: An Insight into the Family Law Act
When navigating a marriage breakdown, one of the critical aspects to consider is the division of property. In Ontario, the Family Law Act (FLA) provides a comprehensive framework for this process, ensuring a fair division of assets. A significant part of this process pertains to the division of pensions, which can often be the largest asset a couple owns, aside from their home.