Property division can be a contentious and challenging matter to handle for many people. In Family Law Ottawa, one spouse may be left with everything to the other’s detriment or see the effects of an increased tax burden on their household. This can lead to a lot of stress for the person left holding all of these responsibilities and can often result in divorce proceedings. Ottawa Family Lawyers helps clients in property division disputes with its services that include negotiation tactics, advice on taxes and retirement planning, as well as help when negotiating settlements or negotiating with banks or lenders.
Ottawa family lawyers help clients with matters involving all types of assets, including land and other real property, shares and investments, pension plans, insurance and RRSPs, bank accounts, and other cash holdings. They can often help clients get professional assistance from accountants or estate planners when it comes to taxes or pension payments. Ottawa lawyers can be there for you in a time of need to make sure that you get the most out of a negotiation.
We will now see how Ottawa family lawyers can help you in the property division.
Equalization and NFP calculations
When a property is divided in Ottawa, the courts must determine whether equalization payments are required and, if so, how much they will be. The NFP (net family property) is calculated, and that amount can either be added to or deducted from the applicant’s share of the assets to determine their final award. Where there are children, special considerations must be made in order to ensure that both spouses receive enough income to look after them. In this case, it’s often recommended that the court order a set amount of money each month for child support.
Inheritance and other exclusions analysis
When a client is seeking to divide marital property, Ottawa family lawyers help you to check whether the other party may have an inheritance or any other asset the client has not disclosed in their financial disclosure statement. If an applicant in Ottawa feels that another asset is not part of their estate, this must be identified to the court, and we will do our best to inform you of the process involved.
Preparation and assessment of required financial disclosure
When in Ottawa, Ottawa family lawyers help you to see whether or not the other party has filed their financial disclosure statement. Ottawa lawyers will prepare and file a financial disclosure statement themselves at their office in Ottawa if they have. This is because by doing this, we ensure that we get all of the relevant information from the other party, something that any client could be able to do on their own if they felt so inclined to do so.