Part of getting a divorce requires equalization property division between the divorcing couple. The Family Law Act ensures that all couples who do not have a prenup – marriage contract – go through the equalization process to divide property between the couple.
Property includes any type of real property, real estate, bank accounts, retirement accounts, businesses, and so on. The type of property that is excluded from equalization is rather narrow.
What does equalization of property mean for divorcing couples?
Under the terms outlined in the Family Law Act, each party is entitled to a fair distribution of property the couple owns when they separate and get divorced. As soon as you are married and your marriage license is signed, you and your spouse have entered into an agreement where if you get divorced, you will equally divide any property.
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