The date of separation is particularly significant in matters of family property. It is sometimes referred to as the valuation date, the date on which a person’s assets (i.e. vehicles, pensions, investments in their name alone, acquired during the relationship) and debts are valued and accounted for.

There are several commonly used schedules in situations where parents are sharing care and control (or custody) of their child(ren) on an equal basis. The schedule you choose to use will be whatever works best for you and your family.

A Pre-Nuptial Agreement is an Agreement between spouses that primarily sets out how they wish to deal with their assets and debts, whether jointly owned or individually owned, should the couple separate. These agreements also typically set out what happens on the death of either spouse.

A Protection Order may be granted pursuant to The Domestic Violence and Stalking Act, provincial legislation that provides remedies to the successful applicant in cases of stalking and domestic violence.

Family assets are, for the most part, valued based on their fair market value. There are a few assets however that receive special treatment and are discounted to account for the cost of disposition if they are being retained by one party alone.

The Family Property Act does not deal with the actual ownership or equal division of a couple’s assets. What it provides is a mechanism to equalize the net value that each party is left with.