Finance

Yes, if you are paying child or spousal support. Ontario law (and our agreements) typically requires the payor to maintain a life insurance policy with the recipient named as the beneficiary. This ensures that if the payor passes away, the support for the children or...

Separation does not automatically revoke a Will in Ontario, but divorce does (partially). This is a major risk. If you separate and don't update your Will, your ex-spouse could still inherit your entire estate if you pass away before the divorce is final. We recommend...

When a marriage or common-law relationship ends, the CPP credits you both earned while living together can be "split" equally. This is called Credit Splitting. It happens through Service Canada and ensures both partners have a fair base for their retirement,...

Yes, but you must account for "notional tax." Because an RRSP has a future tax liability, its value is often discounted (usually by 20-25%) when calculating the equalization payment. Under the Income Tax Act, you can transfer RRSP funds between spouses "tax-free"...

In 2026, loyalty points (Aeroplan, PC Optimum, Marriott Bonvoy) are viewed as property with real economic value. We can either divide the points directly between accounts (if the program allows) or calculate their cash equivalent and "trade" them for a different asset...

Legally, if both names are on the mortgage, both are responsible to the bank. In mediation, we create an "Interim Agreement" that specifies who pays the monthly mortgage and utilities. This protects both of your credit scores while you wait for the home to be sold or...

The only way to remove a name from a mortgage is to either sell the home or have the other spouse "refinance" the property. The bank will require a signed Separation Agreement and proof that the remaining spouse has enough income to carry the debt on their own before...

Full, frank financial disclosure is a cornerstone of Ontario law. If a spouse hides assets (like secret crypto or offshore accounts), any agreement you sign is legally "voidable." This means a court can throw it out years later, forcing a total renegotiation and...

Ontario operates under the "Equalization of Net Family Property" system. You calculate your net worth growth from the date of marriage to the date of separation. The spouse with the higher growth (the "Net Family Property") typically pays half the difference to the...

If the home is jointly owned, both spouses have an equal right to the equity. You have three main options: 1) One spouse buys out the other and keeps the home; 2) The home is sold and the proceeds are split 50/50; 3) A "nesting" arrangement where the house is kept for...

In Ontario, the Matrimonial Home has a special legal status. Even if only one spouse is on the title, the other spouse has an equal right to possession (living there) and an equal right to the value of the home as of the separation date. The owner-spouse cannot sell...

To find your NFP, you take your total assets on the Date of Separation and subtract your debts on that same day. Then, you subtract your "Date of Marriage" value (assets minus debts you brought into the marriage). The result is the value you "built" during the...

Yes. Pensions earned during a marriage are family assets. Under FSRA rules, a "Statement of Family Law Value" must be obtained from the pension plan administrator. While you must account for its value, you don't necessarily have to split the pension itself; you can...

Debts are subtracted from your asset total to determine your NFP. If you have joint debt, like a line of credit, the agreement should specify exactly who will pay it off or how it will be cleared using the proceeds from a house sale. It is vital to close joint...

The Valuation Date is the "finish line" for your financial marriage. On this day, the value of all bank accounts, investments, and house prices is "frozen" for the purpose of the law. Any money you earn after this date is yours alone, but any debt you incur is also...

Generally, inheritances received during the marriage are excluded from equalization, but there is a major catch: if you put that inheritance into your Matrimonial Home (e.g., paying off the mortgage), it usually becomes "comingled" and is no longer protected. To keep...

The safest approach is to "stabilize" the accounts immediately. This typically involves each spouse taking 50% of the liquid cash and opening their own individual accounts. Any remaining joint funds should be strictly reserved for agreed-upon "family expenses" like...

If you own a business, its increase in value during the marriage is a family asset. We look at the "Fair Market Value" on the date of separation. Mediation allows for creative solutions—such as one spouse keeping the business while the other receives an equalization...