Asset protection or debt management is a typical concern of spouses upon separation. Most spouses are worried about the preservation of their wealth or avoiding major financial loss upon separation. When people ask how they can protect their assets before divorce, the answer is multi-layered.
In Ontario, the law for property division is called Equalization of Net Family Property. Nothing can provide greater advance protection from the loss of assets through divorce than a Cohabitation Agreement or a Marriage Contract, before cohabitation or marriage. However, in the absence of such a contract, spouses require sound expert advice and strong legal representation to achieve a successful divorce settlement.
Most divorce settlements are reached outside of court. The process starts with the exchange of financial information and the negotiation of a divorce settlement and ending with a signed Separation Agreement. This then is followed by an application for an Uncontested Divorce.
Divorce can be a long and difficult process. So being prepared early is crucial, especially for those that have complicated financial holdings. This is why expert divorce advice and strong legal representation is absolutely necessary. At Benmor Family Law Group, our goal is to leave our clients in their most financially secure position following their divorce.
Steve Benmor and his team of divorce professionals have been protecting spouses’ financial positions for over 30 years. In addition to preserving their wealth and helping them avoid major financial loss upon separation, we can help you with:
Accounting of Assets and Debts
Buyout or sale of the matrimonial home
Sharing of Pensions
Sharing of Debts