Tag: Protect Your Business in a Divorce
Toronto Lawyers Explain How to Protect Your Business in a Divorce
Understanding the Legal Implications
Division of Property and Assets
In Ontario, the Family Law Act dictates the division of property and assets during a divorce. The guiding principle is equitable distribution, meaning both spouses are entitled to a fair share of the marital property accumulated during their union. However, businesses introduce unique considerations:
Sole Proprietorship: If you solely own the business, it is typically considered a marital asset subject to division. However, factors like pre-marital ownership, significant separate contributions, and inheritances can influence the valuation and distribution.