McDreamy is Getting Divorced

TMZ has reported that Patrick Dempsey and Jillian Fink have decided to end their marriage. According to a joint statement, the couple's primary "concern remains the well-being of [their] children". Further, according to TMZ, Jillian filed for divorce, citing irreconcilable differences.

It appears, however, that the split is somewhat amicable as Jillian is asking for joint custody of their three children, a 12 year old girl and twin 7 year old boys. Patrick and Jillian were married for 15 years and Patrick is reportedly worth around $40 million.

If the couple were to reside in Ontario, there would most likely be a hefty equalization payment made to Jillian by Patrick. In determining the amount of an equalization payment pursuant to Part I of the Family Law Act in Ontario, the following steps are required:

Step 1: Determine the valuation date or V day (defined in s. 4);

Step 2: Determine what property was owned by each spouse on V day (s. 4);

Step 3: Determine whether any property constitutes excluded property (s. 4(2));

Step 4: Assign values to property;

Step 5: Determine the value of deductions which include:

  1. Debts and liabilities at V day (including contingent tax liabilities); and
  2. The value of property (other than the matrimonial home) owned at the date of marriage, after deducting debts and liabilities (other than those related directly to the acquisition or significant improvement of the matrimonial home) calculated at the date of marriage;

Step 6: Calculate each spouse's Net Family Property (NFP), and determine the amount that is one-half the difference between the greater and the lesser (s. 5(1)).

Step 7: Assess any claim for entitlement to more than one-half the difference (s. 5(6)).

Assuming that McDreamy earned the majority of his net worth during the marriage, it appears as though Jillian has struck it rich after the breakdown of their 15 year marriage. If they were residents of Ontario, Jillian would be entitled to half the difference between her and McDreamy's respective net family property. For presumption sake, let us assume that McDreamy's net worth, $40 million, was earned in its entirety during their marriage. Further, let us presume that Jillian's net worth is approximately $2 million. Now excluding all other factors (i.e. deductions, exclusions, etc.), McDreamy would owe to Jillian an equalization payment in the amount of $19 million!

Categories:

Take The First Step

Fill out the form below to begin your free consultation with
one of our experienced lawyers or call us at (905) 581-7222.

    • Please enter your first name.
    • Please enter your middle name.
    • Please enter your last name.
    • This isn't a valid phone number.
    • Please enter your email address.
      This isn't a valid email address.
    • Please make a selection.
    • Please make a selection.
    • Please make a selection.
    • Please make a selection.
Put Us On Your Side