Net Family Property in Ontario

Question:

What is included in Family Property?

Answer:

Virtually all property that is owned by either party during the marriage will qualify, both real and personal property. The interest can be by way of trusteeship or power of attorney. Here, the restriction is that the spouse would have the ability to control the asset to their own benefit. If truly the assets are for the benefit of another person, then this will not be family property. This precludes one of the parties to a marriage holding all their assets “in trust” for themselves, thereby circumventing the purpose and intent of the legislation. In addition, the interest in the property may be remote, that is, it may be contingent on some future event, it may be vested, or it may fall in some time in the future, but whatever it is, it is still family property. The prime examples are insurance benefits and pension plans.