Separation agreements and court orders can resolve some family matters when you separate but they do not legally end your marriage. The only way to legally end your marriage is to get a divorce.
When you separate or divorce, you must arrange for the care of your children. This includes where they will live and how important decisions about them will be made.
Both parents have a responsibility to financially support their children. If you do not have custody, the amount of child support you must pay is based on your income and the number of children you must support.
The law views spousal relationships as financial partnerships. When the partnership breaks down, the person with more income or assets may have to pay support to the other.
When a marriage ends, the equal contribution of each person to the marriage is recognized. The law provides that the value of any kind of property that was acquired by a spouse during the marriage and still exists at separation must be divided equally between the spouses. Also, any increase in the value of property owned by a spouse at the date of marriage must be shared. The payment that may be owed to one of the spouses in order to effect this sharing is called an equalization payment, or an equalization of net family property.
If you are dealing with above-mentioned any or all issues, we can help you. We realize the high legal cost to go through the family litigation so we offer unbundle or limited retainer as well, to reduce your legal cost. To book your appointment for initial consultation please call 647 726 1949.
The difference between separation and divorce?
Many people have this question.
A separation is when two people who have been living together as a married or common-law couple mutually decide to live apart from each-other. If you’re married, separation doesn’t end the marriage.
A divorce is when a court officially ends a marriage.
How are property and debts divided after a separation or divorce?
After your relationship ends, you may need to divide the property you share. If you’re married, you may also need to share the debts you owe.
It’s a good idea to act quickly to divide your finances. In some provinces and territories, if you wait too long to make a claim after your separation or divorce, you may lose your right to your share of the property.
Your property may include:
• joint or separate bank accounts
• Registered Retirement Savings Plans (RRSPs)
• Tax-Free Savings Accounts (TFSAs)
• your home and its contents
• Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) credits
• employer-sponsored pensions
• insurance plans
Your debts may include:
• a home mortgage
• a personal loan or line of credit
• credit card debt
• a car loan
Dividing property in a marriage
Usually, you divide equally the value of any property you bought during a marriage. You also divide equally any increase in the value of property you brought into the marriage. There are some exceptions.
You and your spouse may agree to a different way of dividing property.
The courts may decide to divide your property unevenly. For example, the spouse with the larger share of family property may owe the other spouse some money.
Dividing property with a cohabitation or prenuptial agreement in place
You may have signed a cohabitation or prenuptial agreement, also called a marriage contract. It covers what you agreed to do with your property if you separate or divorce.
A judge may set aside a cohabitation or prenuptial agreement in certain circumstances.
A separation agreement is a legal contract between a couple. It’s a written record of how a couple has settled issues related to their separation.
You don’t need a separation agreement to separate. Making a separation agreement is usually a faster and less expensive way to settle issues than going to court.
A separation agreement may include details such as:
• living arrangements
• how you’ll divide property
• how you’ll divide debts
• if spousal support will be paid
• custody of children
• access to children
• child support payments
Please contact Malik Law today for your free consultation with regards to your separation or divorce matters. A Law Firm that cares.