By
Pace Law

What Are The Actual Ramifications of Marriage?

January 20, 2022

Divorce is a reality faced by many, with a growing divorce rate, understanding the financial implications of marriage is crucial in the potential event of a divorce. According to the Toronto Sun, Canada has the 29th highest divorce rate out of 87 countries.

The general principles of the implications of marriage- and what it may entail in the event of a divorce are:

 

The Family Patrimony

 

 

When couples divorce, the value of their assets, including property, in the family patrimony is divided, regardless of who owns it or who paid for it.

 

What is Family Patrimony?

 

 

The family patrimony is made up of pension plans, benefits, the family’s houses, including any secondary residences utilized by the family, as well as the moveable items used to supply them, and the automobiles utilized for family travel.

Some exceptions may apply and certain property in the family patrimony that was owned at the time of marriage may be exempt in the patrimony’s partitionable value.

Exceptions: In the event of a divorce, property received by one of the spouses either during the marriage or before (by inheritance or gift) may be excluded from the family patrimony.

 

The Matrimonial Regime

 

 

In the event of a divorce, the matrimonial regime determines how other property not included in the family patrimony would be divided.

There are different types of matrimonial regimes available to spouses:

 

Types of Matrimonial Regimes:

 

  1. The Matrimonial Regime of Partnership of Aquests

This regime allows for the division of the assets gained during the marriage.

 

Acquests

 

 

What are Acquests?

Acquests are multiple assets acquired during the marriage such as property purchased and income generated during marriage by all your property.

In the event of a divorce, the following property is deemed private and cannot be divided:

  1. Property you had before to your marriage;
  2. During the marriage, you inherited property by succession or gift, as well as the fruits and income derived from it if the testator or donor so stipulated;
  3. Property you purchased to replace personal property, as well as any insurance indemnity related to it;
  4. The rights or benefits that have been devolved to you under a contract or plan of retirement, annuity, or personal insurance;
  5. Personal papers, wedding ring, decorations, and diplomas;
  6. The tools you’ll need for your job, as well as any pay you might be entitled to.

All property is considered an acquests. The spouse who wants particular property classed as private will have to substantiate it.

 

  1. The Matrimonial Regime of Separation as to Property

Except for property that is part of the family inheritance, spouses married under the marital regime of property separation keep property registered in their own names if they divorce.

 

  1. A Sui Generis Matrimonial Regime

Spouses can also choose a sui generis marital regime, which is one that is suited to their own requirements and wants in terms of property division in the event of a divorce. As a result, if they divorce, they might opt to distribute specific assets.

 

Determine the Matrimonial Regime that Applies to You:

 

 

Contact one of our trusted family lawyers at Pace Family Law to determine what matrimonial regime applies to you and your situation.

It is crucial to highlight that regardless of the marital regime decided upon, it is not possible to renounce in advance the division of the value of the property that will form part of the family patrimony after separation, whether through a marriage contract or otherwise.

 

Share This Post
Email
Facebook
LinkedIn
Twitter
Trending Posts
Read More Insights
Events
By
Pace Law
Pace Law Firm is always looking to expand our business and elevate it to the next level. On Thursday November 24th, Pace Law Firm attended the Canadian Mortgage Summit (CMS) to hear from the industry’s top mortgage brokers, lenders and solution providers.
Firm News
By
Pace Law
We are proud to announce that Pace Law has become a multi-service firm and is launching a new website to accommodate our growth in different areas of law!
Events
By
Pace Law
The National Day for Truth and Reconciliation takes place on September 30th for the second consecutive year. Each year, September 30th marks both Orange Shirt Day and National Day for Truth and Reconciliation.
Real Estate Law
By
Pace Law
In key Canadian cities, the housing inventory may reach a crisis stage, according to a recent analysis from RE/MAX Canada. The analysis confirms that governments must take quick action to address the critically low supply of available homes.
Personal Injury
By
Pace Law
As the winter months get closer, it is critical to plan ahead and take precautions as needed to reduce the likelihood of mishaps. Nearly 30% of all motor vehicle incidents, according to recent RCMP data, happened on slick, snowy, or icy roadways.
Real Estate Law
By
Pace Law
Two weeks after the provincial administration submitted Bill 109, the More Homes for Everyone Act, 2022, on March 30, 2022, it obtained royal assent on April 14. The last step needed for a legislative measure to become law is royal assent.

Get in Touch

Call us now or fill out the form to discuss your case with an experienced legal professional.

Our Locations

Office Location

191 The West Mall, Suite 1100
Toronto, ON M9C 5K8
Phone: 1-877-236-3060
Fax: 416-236-1809

Office Location

191 The West Mall, Suite 1100
Toronto, ON M9C 5K8
Phone: 1-877-236-3060
Fax: 416-236-1809

Scroll to Top