How a Family Lawyer Can Help You Protect Your Assets During Divorce

Posted on May 31, 2024

division assets family lawyer

When you enter into a divorce, it’s important that you consider how the division of assets will affect you financially. Many people don’t realize that they are facing a complex division of assets until they finally decide to separate or file for divorce. Working with one of the best family lawyers and civil litigation lawyers will help you protect your assets to ensure that you leave a marriage with the assets that are rightfully yours. For a robust approach to asset division and high-level legal advice, book a consultation at Karrass Law. Robert Karrass and our team of skilled, experienced, and trusted professionals will take the steps necessary to understand your unique financial situation and assets to get you the best results possible.

Understanding Asset Division

In Ontario, any assets acquired during marriage will typically be split evenly at the time of divorce, and an increase in the value of property or assets that existed prior to marriage is divided in half. However, this does not have to be the case. If there is cause for concern about splitting your assets in half, you can work with a zealous family lawyer in Toronto or elsewhere in Ontario to advocate for your best interests. Because the team at Karrass Law is equipped with civil litigation lawyers and specializes in divorce, you will be sure to get comprehensive and strategic legal advice. 

Here are some ways your family lawyer can help you protect the assets you’re entitled to during divorce.

Assess Your Assets and Property

Initially, working with an experienced family and civil lawyer in Toronto will help you to conduct a comprehensive review of all your assets, both marital and separate. Your legal team will ensure that all your assets, from personal property, real estate, investment, retirement accounts, and more, are accounted for, ensuring nothing is overlooked. Family lawyers will also help you understand the valuation of your personal and shared assets to understand how they’ve changed and how they can be divided. 

Ensuring You Have Proper Documentation

Collecting and organizing all necessary financial documents, including bank statements, tax returns, and property deeds. This meticulous record-keeping is crucial for painting an accurate financial picture, which is essential during negotiations or court proceedings.

For those with complex financial portfolios, such as stock options or overseas investments, your lawyer will ensure that these are properly documented and accounted for in the divorce settlement. Managing these types of assets requires specialized knowledge, and your family lawyer will coordinate with financial advisors and accountants to ensure every detail is addressed. Based on this information, the family and civil litigation lawyers at Karrass Law will help you determine the best course of action for the complex division of assets.

Uncover Any Hidden Assets

In some divorce cases, a spouse may try to hide assets to prevent them from being divided with the other party. If assets are hidden, your civil litigation lawyer at Karrass Law can take action to ensure that they are brought to light and accounted for in your division of assets, allowing them to be divided according to Ontario law.

Fight for Your Best Interests

During divorce negotiations, your family lawyer at Karrass Law will advocate for your interests, ensuring that the division of assets is equitable and that you receive what you are entitled to. This advocacy is essential in complex divorces where emotions run high, and clear-headed negotiation is necessary to protect your financial future. Our family lawyers at Karrass Law are familiar with the complexities of divorce and tailor our arguments to your unique situation, providing robust representation in negotiations and court. 

Assets that Complicate Division of Assets

While Ontario law says that all assets acquired or wealth accumulated during a marriage should be split evenly except where otherwise noted in a nuptial agreement, some situations can cause the division of assets to become more complicated. In Ontario, navigating the legal intricacies of asset division requires expertise and strategic planning, so it’s always best to seek guidance from an experienced team like the family lawyers and civil lawyers at Karrass Law.

Some assets that complicate divorce include: 

  • Marital Properties: Family or matrimonial homes, rental properties, or other real estate. Determining ownership and the value of these properties is essential for fair division.
  • Spousal Support: Spousal support, also known as alimony, can significantly impact asset division. Alimony is financial assistance one spouse pays to the other following divorce and can last for an extended period, so it’s important to consider it in your division of assets.
  • Family Businesses: Dividing a family business can be particularly challenging. Your lawyer will work to protect your business interests and ensure that the valuation and division process is fair. This might involve negotiating a buyout or structuring a payment plan that compensates both parties adequately.
  • Retirement Accounts and Pensions: Retirement accounts and pensions are often significant assets. Proper valuation and division require a clear understanding of legal and financial considerations. 

Investments and Stocks: Complex investment portfolios, including stocks and bonds, need careful evaluation to ensure fair division. 

Protect Your Assets with the Family Lawyers at Karrass Law

Our team at Karrass Law is equipped with family lawyers, civil litigation lawyers, and legal experts who specialize in both, allowing us to deliver a high-level of service to our clients. If you are concerned about your assets in the face of divorce, protect your assets and financial interests by booking a consultation at Karrass Law for tailored legal advice. 

Contact our team today.

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