Div of Assets

Division of Assets in Divorce and Property Basics

main assets

In divorce mediation, the division of assets is a process that is often overlooked and underestimated in terms of how important it is to achieve a successful outcome.

The most important part of this process is the quality of the communication between you and your spouse. This can be easily understood by looking at the following chart.

It shows that there are four different ways in which you could communicate with your spouse when you are dividing up your assets:

  • Directly to your spouse
  • Through an intermediary such as a mediator or lawyer
  • Through a third party such as a friend or family member
  • Through an online system

Division of Assets in DM Divorce Mediation

When you’re going through a divorce, your thoughts likely turn to the things you’ll lose or gain. For example, you may wonder if you’ll get to keep your house or car. In addition, you might worry that you won’t be able to afford a place of your own.

You don’t have to rely on luck to get what you want when it comes time to divide your assets and property in a divorce. Divorce mediation can help both parties to reach an agreement on asset division without requiring expensive legal action.

When you’re going through a divorce, your thoughts likely turn to the things you’ll lose or gain. For example, you may wonder if you’ll get to keep your house or car. In addition, you might worry that you won’t be able to afford a place of your own.

You don’t have to rely on luck to get what you want when it comes time to divide your assets and property in a divorce. Divorce mediation can help both parties to reach an agreement on asset division without requiring expensive legal action.

According to the Ontario Family Law Act, a marital home is any location or property in which both spouses own or have a share in a rented or owned dwelling and which is usually occupied by both spouses and their families on the day of separation.

Neither spouse may restrict the other from residing in the marital house unless a formal separation agreement covers the marriage home or one spouse is the sole owner of the marital home. Alternatively, changing the locks on the marriage dwelling will not keep the other spouse out.

As per the Family Law Act of Ontario, the spouses may remain in the marital home until they agree to its ownership.

As an example, until one spouse sells the house to a third party, a judge issues an order requiring one spouse to leave or until a judge issues an asset division order.

In my experience, the only “win-win” solution is to share the family assets to some degree during the mediation process. But how do you go about doing it? What does it mean to be reasonable? What does it mean to be fair? Isn’t it true that credit card debt is a problem? What will happen to the money you owe inheritance due to this? What would happen if…?

All of them are serious issues. But do you want them adjudicated by a court in an adversarial process that could be lengthy, difficult, and expensive? Once the legal cycle has begun, unsatisfied parties can take you to court, again and again, putting your fate in the hands of yet another judge.

The best option is DM DIVORCE MEDIATION. Rather than relying on a court or the system, it allows you and your ex-partner to take charge of your future and make your own decisions. So let’s sit down together, and I’ll help you build a complete program that will meet your needs.