Tag: Equalization of Net Family Property
How to Handle Debts in a Simple Divorce in Ontario
Understanding Debt Division in Ontario Divorce Law
Divorce can be an emotionally challenging process, and handling financial matters, especially debts, can add complexity. For those going through a simple divorce in Ontario, it is essential to understand how debts are treated under Ontario divorce law to ensure a fair settlement.
Debt as Part of Family Property in Ontario Divorce Law
In Ontario, debts are considered part of family property and are subject to division just like assets. According to the Family Law Act, any debts incurred during the marriage must be accounted for when dividing the property between spouses.