Any kind of divorce is hard to go through. Generally, the more complex issues a divorce involves, the more time it takes to finalize the divorce process. This is especially possible in a high-asset divorce. In this kind of divorce, the services of an Ottawa Divorce lawyer must be sought. There are many challenges that can be encountered in a high-asset divorce, but an attorney can help spouses overcome them. These challenges include the following:
Money and Property Division Can be Complicated
If you are getting a divorce in Ottawa, it can be confusing to know who gets what. Ontario divorce law falls under the Family Law Act, which ensures couples leave separate on equal footing. A net family property (NFP) calculation is done to determine the equal share of every shape of the assets gained during their marriage. Determining the NFP involves filling out copies of Form 13.1, which asks every spouse to combine their assets and subtract their debts from them. Then, they should determine the net assets they had in their name before the marriage. Such assets’ value remains with the spouse once the marriage is dissolved unless they negotiate otherwise. Due to the complexity of dividing significant assets accumulated during a marriage, a divorce attorney must be hired to help sort out the issues.
Some Assets May be Hidden
After divorce, a marital property needs to be shared equally by both spouses. Usually, divorce is quite emotional, and sometimes, a spouse may try to eliminate assets from the reach of equalisation. While it can be hard to prove fraud, some signs indicate that a spouse is trying to hide assets.
When a spouse is earning a substantial income through a professional corporation or a family business, it can be hard to identify their assets. In this case, financial experts can be hired to review company and personal records to determine compensation, real estate, stock options, and expense accounts that may be hidden. A divorce attorney can hire forensic experts to trace assets situated in other jurisdictions outside Ontario. If you believe your spouse has committed marital fraud, your attorney can act swiftly to establish a reliable team to help protect your rights.
The Divorce Can Take Time
Divorce can be quickly finalised when uncontested and does not include lots of assets. But high-asset divorces are not only focused on finding the assets and assessing their worth but also on liquidating or transferring these assets to the other spouse to ensure equal asset distribution. These are time-consuming processes.