Property Division Lawyer
When a married couple decides to separate, property division ensures that both spouses leave the marriage as equal partners in terms of property. It is the net family property (“NFP”) which is split down the middle after a separation. The NFP is the growth in the value of property during the marriage. The spouse with the higher NFP pays the spouse with the lower NFP half of the difference between their assets.
Property that is not shared between the spouses is referred to as “Excluded Property” and it does not form part of his or her NFP.
Excluded property includes:
- Gifts or inheritance from a third person
- Income from property expressly excluded by donor/testator
- Damages and settlements for personal injuries, etc.
- Life insurance proceeds
- Traced property
- Excluded property by spousal agreement
Property division may appear as a simple process, but it becomes more difficult when there are complex property issues such as multiple properties, sizeable investments, business interests, and pensions.