What happens to my assets upon divorce?
Allan Madan, CA
All assets acquired before marriage or “gifted” at marriage for marriage need not be split as they’re considered assets belonging only to the person that holds legal entitlement. Assets acquired during marriage or by virtue of marriage must be split among spouses (50% each). Assets that are to be split are valued at FMV (Fair Market Value) before being split.
If a spouse actively participates in or has shares in a family business, he or she is entitled to receive their rightful share.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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