Is anything exempt from the equalization of net family property?
Yes. Here is a quick outline of commonly exempted assets:
- If you have received any inheritance or gifts during the course of your marriage, and they have not been spent or allocated to any shared assets, the amount received or left over is exempt.
- If you owned any assets prior to the date of your marriage, their value will be exempt.
- If you have a marriage contract that outlined specific assets as exempt, they will likely be exempt.
- If you have received any payouts for personal injury or pain and suffering, they will likely be exempt.
These types of assets typically make up the largest sums that are exempted during the equalization of net family property, but there are also many other small exceptions that may apply in your situation. If you want to be sure that you are protecting your rights in this type of situation, it is best to speak to a family lawyer who is familiar with the intricacies of equalization.