What is the province's responsibility of the courts in determining the net family property of a married couple?
Ontario, Canada
The following excerpt is from Ross v. Ross, 2006 CanLII 41401 (ON CA):
Ontario courts have the responsibility of, first, valuing all assets and debts as of the valuation date and determining each spouse's net family property in accordance with s. 4 of the Family Law Act, second, equalizing their net family property in accordance with the provisions of s. 5 of the Act and, third, selecting the method or methods for the satisfaction of the equalization payment in accordance with s. 9 (see Marsham v. Marsham (1987), 1987 CanLII 4041 (ON SC), 59 O.R. (2d) 609, [1987] O.J. No. 440, at p. 615 O.R. (H.C.J.); and Buttrum, supra, at para. 37).
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