Dividing marital property after a separation doesn’t have to be a battle. It’s only natural to feel overwhelmed by trying to identify every asset and piece of property as “yours” or “mine.” In Canada, the division of property after the separation of a married couple is governed by the Matrimonial Property Act of each respective province (MPA).
Property is typically valued at the date of separation, however, there are exceptions to this general rule. The term “property” can include a wide variety of things including some of the more popular things such as your home, vehicles, bank accounts, lines of credit, CPP, and more. Then, there is a list of things that can be added under “property” such as inheritances, gifts, or property bought with other property. Every circumstance is unique and it’s imperative to work together to come to a shared agreement.
