Family Law
1) Im thinking about getting a divorce but first I want to know how my finances will end up if I do get one. How do I figure out what my wife owns and what I own? How is the property divided?
Generally speaking, whatever property is in your name is yours and whatever property is in her name is hers. If something was purchased through joint funds then it is considered owned by both of you. This is a very clear cut explanation and often times it can be complicated by the laws of equity where one person is claiming a trust interest in property that is not in their name, perhaps because of contributions the non-owner spouse made. This is a very complex area of law and you should speak with a lawyer to see if this applies to you.
In Ontario, the property is divided by way of an equalization payment. The premise behind this is that both spouses should walk away from the marriage with relatively the same value of assets for the period of the marriage. Your lawyer will take a snapshot of all your assets and debts and all her assets and debts on two dates the date of your marriage and the date you separated. The person whose net value has increased more during the marriage will owe an equalization payment to the other spouse. There are specific calculations involved in determining the equalization payment and a lawyer will walk you through them.