LEO MONGILLO – HOW FAMILY LAW DECIDES THE DISTRIBUTION OF ASSETS AFTER DIVORCE
A couple that has been living together for some amount of time may have bought a number of assets together and at the time of divorce each and everything is ideally distributed equally and fairly without any bias. If both the parties are mutually ready to divide the assets then they can divide it by hiring a mediator, like Leonardo Mongillo who has worked extremely well in such matters. And if by chance they are not able to decide the distribution mutually then they are left with no other option but to precede it legally and let the law decide the course of action.
Family Property: Family property is everything that you or your spouse owned separately or together on at the time when you separate. It does not matter whose name the family property is in, it is divided equally between the two former partners. It includes: ■ The Family home ■ Other land, houses or properties ■ Investments ■ Bank Accounts ■ Insurance policies ■ Pensions ■ Businesses
Any property you owned before you and your spouse lived together is called excluded property. That means: It is not a family property, and you don’t have to split the value of it equally if you separate. At the same time while dividing the assets between each other, they are also liable for the family debts. All the debts which has been raised from the day they both have got married till the day of separation.
This includes ■ Mortgages ■ Loans from family members ■ Bank overdrafts ■ Credit cards ■ Income tax ■ Repair costs and others All the assets, all the liabilities, all the debts everything should be divided equally unless and until they mutually agreed with each other and make an agreement which includes a clear distribution of everything between them and both should agree to it. Unequal distribution can take place if that seems fair to both the parties.
Otherwise the family law in Canada is so unbiased that it divides every asset which was owned by the family during the course of marriage equally between both the parties. One thing you must keep in mind is that the time for making a claim to divide property and debts is 2 years. You have to apply to divide family property or debt no later than 2 years after you get an order for divorce or annulment. All these small distributions can lead to major problems and can lead to end the relationship on bad terms, which would not be acceptable by either party.
So as to resolve matters of distribution of assets amicably, people usually hire law firms that can act as a mediator and help them divide it fairly. The best law firms advice couples on the best and most suitable option for both of them and their arbitration helps to divide the assets and property peacefully. Mongillo law firm is a great example of such matters and have helped many couples to end their relationship on good terms with a peaceful division. SOURCE CREDIT: https://leomongillo.wordpress.com/2021/12/06/leo-mongillo-how-familylaw-decides-the-distribution-of-assets-after-divorce/
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