Unmarried or common-law spouses are not subject to the automatic equalization regime of the Family Law Act and are required to make out their property claims on a different basis.
The principle of equalization is applied, which means that each spouse is entitled to share the growth of the net family property that occurred during the marriage.

 

Net family property is calculated by determining the value of each spouse’s assets at the date of marriage and subtracting that from the value of their assets at the date of separation. Debts and liabilities are also considered. The spouse with a higher net family property owes the other spouse an equalization payment to balance their respective net family properties.

 

Certain assets, such as gifts or inheritances received during the marriage, may be exempt from equalization. Additionally, there are specific rules and considerations when it comes to the matrimonial home.

 

It’s important to consult with a family law professional for advice tailored to your specific situation, as individual circumstances can vary. Contact Rachael Pulis Family Law to discuss your matter.