What about the other assets and items we have?
If you both agree, you may divide your property any way you want in a separation agreement. If there is disagreement, it is required under Ontario law for each spouse to account for the assets they accumulated over the course of the marriage.
Each spouse’s assets and liabilities will be identified as of the date of marriage and again on the date of separation. The net value of assets minus liabilities on the date of separation will be compared to that on the date of marriage to determine a spouse’s net family property. The parties will equalize this amount so that both leave the marriage with the same of value of assets that they accumulated during the marriage.
It is crucial to know about the exceptions to the law; most importantly, the matrimonial home (the home where the spouses live), is input into the equation without a deduction for its value on the date of marriage. In other words, if party A owned the home and had amassed $200,000 in equity on the property then party B moves in and they are married, the entire value of the home at separation is to be divided equally.
Also, items such as life insurance proceeds, inheritances, some forms of gifts, and personal injury awards may be excluded from the net family property calculations.