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Ontario Family Law Act

Section 4(1) - Family Property
In this Part,

'court' means a court as defined in subsection 1(1), but does not include the Ontario Court (Provincial Division);

'matrimonial home' means a matrimonial home under section 18 and includes property that is a matrimonial home under that section at the valuation date;

'net family property' means the value of all property, except property described in subsection (2), that a spouse owns on the valuation date, after deducting,

(a) the spouse's debts and other liabilities, and

(b) the value of property, other than a matrimonial home, that the spouse owned on the date of marriage, after deducting the spouse's debts and other liabilities, calculated as of the date of the marriage;

[This is the definition of net family property, which forms the basis of the division of assets in Ontario.]

'property' means any interest, present or future, vested or contingent, in real or personal property and includes,

(a) property over which a spouse has, alone or in conjunction with another person, a power of appointment exercisable in favour of himself or herself,

(b) property disposed of by a spouse but over which the spouse has, alone or in conjunction with another person, a power to revoke the disposition or a power to consumer or dispose of the property, and

(c) in the case of a spouse's rights under a pension plan that have vested, the spouse's interest in the plan including contributions made by other persons;

'valuation date' means the earliest of the following dates:

1. The date the spouses separate and there is no reasonable prospect that they will resume cohabitation.

2. The date a divorce is granted.

3. The date the marriage is declared a nullity.

4. The date one of the spouses commences an application based on subsection 5(3) (improvident depletion) that is subsequently granted.

5. The date before the date on which one of the spouses dies leaving the other spouse surviving.

[Valuation date is normally the date of separation. This is the day on which assets are normally valued for purposes of division of assets.]

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