Timelines for Division of Assets in Ontario
Posted on July 26, 2024
When it comes to divorce or separation, understanding the timelines and processes involved in the division of assets is crucial. When filing claims for equalization in the midst of a separation divorce, the already stressful and emotionally charged situation can become incredibly complex, especially when hidden assets, matrimonial homes, and other complicated financial elements are factored into the division of assets. To streamline the process during the division of assets, it's essential that you meet the required deadlines.
In Ontario, the Family Law Act sets out specific deadlines for making claims related to the equalization of net family property called "limitation periods." Understanding the limitation of assets is crucial for the division of assets during a divorce or separation.
Working with a family lawyer in Toronto who specializes in civil litigation throughout Ontario at Karrass Law can help you navigate the complexities of the situation and ensure you leave the situation with the best possible outcome. Book your lawyer consultation today.
Here is what you need to know about the required timelines and division of assets.
Key Timelines in the Division of Assets
Understanding and adhering to specific timelines is essential to protect your financial interests during the division of assets. Here are the critical deadlines you need to be aware of:
Separation:
After separating, you have up to six years to file a claim for the equalization of assets. Over the six years, family lawyers recommend that you take stock of all your assets and debts accumulated throughout the course of the marriage so you can better understand your situation as you proceed with the division process. The six-year limitation period gives you time only to seek financial and legal advice from a family lawyer in Toronto like Robert Karrass and the Karrass Law team and explore other options such as mediation and arbitration. For alternative dispute resolution, book a legal consultation with Karrass Law to talk with our mediation lawyers.
Divorce:
In the event of a divorce, you have up to two years after it has been finalized to file a claim for the equalization of assets. During these two years, it's recommended that you hire a family lawyer to better understand your rights and responsibilities. If there are more complex matters involved that can alter the division of assets, it helps to work with a family law team with experienced civil litigation lawyers who help you with post or prenuptial agreements, hidden assets, and any other asset-related curveballs. The limitation period following the finalization of divorce allows you and your spouse the time to resolve any property division issues that may arise. At Karrass Law, our dedicated, meticulous, and experienced legal team will ensure all claims are appropriately filed.
First Spouse's Death:
If one spouse passes away, the surviving spouse has six months from the date of death to file a claim for the equalization of net family property. This limitation period is shorter than that for separations or divorces because it ensures the surviving spouse can quickly secure their fair share of the deceased spouse's property, providing financial stability during a challenging time. Factors that can complicate the division of assets following the death of a spouse can be marital agreements, access to financial records, competing claims, family disputes, and more. If you are affected by one or more of these factors, contact our family lawyers at Karrass Law to book a legal consultation.
Choose Karrass Law for Division of Assets
When you are faced with dividing assets after the end of marriage, you must have a reputable and experienced family lawyer on your team. Not only will the Karrass Law ensure that action is taken within the correct time frames, but we will also provide you with a range of legal services, as our team is equipped with expert mediation lawyers, family lawyers, civil litigation lawyers, and more who can offer guidance and representation. To streamline your division of assets and ensure you get what you're rightfully entitled to, contact Karras's Law.