Caution: This page contains ONLY GENERAL LEGAL INFORMATION.
It is NOT LEGAL ADVICE nor a replacement for talking to a lawyer
and getting legal advice about your case.
The law can be complicated and the details of a case can be even more complicated!
There are exceptions for every rule.
What you do not know can harm you. Do not rely on general legal information.
AT YOUR OWN RISK.
PROPERTY - MARRIED
This Page deals with claims regarding property, if the parties are or were married. They arise from the status of being married. There are limited claims for couples even if they are not married, discussed on the Property - Married or Not page.
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Equalization of Property
A spouse has a claim for a payment to equalize the value of property. A greatly simplified version of this is as follows. For each spouse:
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determine what property (or interest in property) the person owns
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determine the value of all assets at the date of separation
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subtract the value of all debts at the date of separation
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subtract "excluded property" (assets less debts - for example, gifts, inheritances, damages for injuries)
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subtract the value of property at the date of marriage (but not matrimonial home)
This results in the "net family property" of each spouse. It cannot be a negative amount.
Subtract the lower net family property amount from the higher one and divide in half. This is the equalization payment.
There are however many restrictions, exceptions, etc.