The Family Law Act provides for the division of family assets following the separation of married couples. The division takes place upon separation or divorce. Family property is generally defined as any asset that is owned by either party. Family assets can include real estate, money in bank accounts, RRSPs, pension plans, Canada Pension Plan pensions and investments of any kinds.
The division of property pursuant to the Family Law Act is generally an equal division of assets acquired during the marriage. However, the Court has in certain circumstances the power to vary what would otherwise be an equal division of property owned at the date of separation, having regard to certain specific factors contained in the Family Law Act. Some factors the Court may consider in ordering an unequal division of property include whether the property was acquired before the marriage or through inheritance or gifts or whether it would be unconscionable to order an equal division.”