March 29, 2017

Protecting gifts and inheritances in family law

Protecting gifts and inheritances in family law

Written by: Jennifer Shuber

In Ontario, marriages are deemed to be a form of economic partnership. As such, at the end of the marriage, under Ontario law, the spouses have a right to share in the wealth generated during the marriage. This is accomplished by a process called equalization under the Family Law Act (FLA.)

Equalization is a sharing of wealth, or the growth in value of assets, but not the assets themselves. Nothing changes ownership nor do spouses acquire an ownership interest in each other’s assets simply by virtue of the marriage.

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