Loading...
The Rural Voice, 1982-04, Page 26HOEGY FARM SUPPLY LTD. Brodhagen, Ontario Tel. 345-2941 After hours 345-2243 *BARN WASHING AND DISINFECTING *CATTLE SPRAYING For Lice and warble control. CIL FERTILIZER • Accurately spreads impregnated fertilizer • Spreading Capacity 20 tons per hour PIONEER & PAG SEEDS Cereals - Grains -Small Seeds •Seaforth *Brodhagen •Dublin *Mitchell 1R - PG. 24 THE RURAL VOICE/APRIL 1982 GUEST COLUMN Dividing assets in the case of separation A controversial aspect of The Family Law Reform Act of Ontario is the division between separated spouses of their various assets. These property provisions apply only to spouses and not to common-law spouses. The Act provides for family assets to be divided in equal shares between spouses, s•tch assets being those used by or for the family regardless of who purchased them. Common examples of family assets are the family home, cottage, car and household furnishings. The basic 50-50 split can vary in that one party could get a larger share than the other depending on factors such as the length of the marriage. length of cohabitation during marriage, length of the separation or whether the particular item was received by one party by gift or inheritance. Sometimes one spouse will have substantial business interests or investments in his or her name alone with which the family has had no connection. Such might include the family farm property and business (apart from the farm residence). The other spouse may claim an interest in these non -family assets if the family assets have been unreasonably squandered or if it would not be a fair result to divide only the family assets without also dividing the non -family assets in some way or if the claiming spouse has contributed to the acquisition, management, operation, maintenance or im- provement of the non -family assets, either directly or indirectly. This latter claim can be important where, for example, a farm may be in the husband's name alone but the wife has contributed a substantial amount of time to the operation of the farm, including doing the chores regularly. helping at planting and harvesting and doing the farm bookkeeping. The amount which is divided is the equity in the particular property, that being the fair market value of the property less what is owed against it. Means of dividing the property can include selling the property and dividing the net proceeds or by one spouse purchasing the interest of the other by cash or mortgage. Another right which a spouse has in the matrimonial home, regardless of ownership of the home, is the right to possess it. This means that in law one is not entitled to change the locks of the home to keep the other spouse out unless both have agreed to such change or a court so orders. It is interesting to note, however, the number of times that locks are changed without agreement or order as a form of short-term self-help! As court proceedings to determine the amount of each spouse's interest in the assets can sometimes be lengthy and costly, many spouses choose to resolve the outstanding issues between them by mutual agreement entered into before, during or after cohabitation. Such agreement must be in writing, signed by the two spouses and witnessed. If the parties have ceased to cohabit, a separation agreement can be drawn. In a separation agreement, the parties can determine the ownership of property; each spouse's interest in the family farming business; the manner in which assets are to be divided and when; the custody and access to children; support for spouses and children, and who has the right to possess the matrimonial home, among other matters. It can be a flexible way to amicably resolve the issues between the parties and is enforced by the courts as is any other contract. Some parties may wish to resolve the ownership of [Cont. on page 32]