Separation and divorce proceedings can certainly be messy, and typically
they take time. This can be emotionally aggravating for most couples experiencing
marital discord, however, Jennifer Lopez and her ex, Marc Anthony seem
to be handling the journey quite well.
According to the Times of India (I read a lot) Lopez and Anthony, who separated
back in July after seven years of marriage are working towards negotiating
a settlement before filing for divorce. There’s a lot at stake, but
if you have the time and patience (and if you can stand to be in the same
room as the person you are separating from) then negotiating a resolution
in an amicable fashion, without using the Courts, can be mutually advantageous.
In Ontario, particularly in the Central East Region, the Court are very
backed up, so separating couples often need to wait months before they
can attend their first substantive Court date – which is usually a Case
Conference. In the interim, negotiations and settlement meetings are encouraged
to help narrow down the issues between the parties. In the event that
the parties do end up in Court, in Ontario anyway, judges look favorably
on those who make serious attempts to resolve their issues prior to pursuing
litigation.
While there are a lot of assets to deal with in their matter, one big hurdle
they have climbed is that they have agreed on their date of separation.
That makes dealing with the financial aspects of the divorce a lot easier.
In Ontario, divorcing spouses generally equalize their net family property.
The net family property calculation, in simple terms, is as follows: take
the value of all assets owned by a party as at the date of separation
(other than excluded property, for example a gift received from a third
party during the marriage); subtract all liabilities as at the date of
separation; and subtract your net worth as at the date of marriage (which
does not include the value of the matrimonial home). The balance is an
individual’s net family property. The spouse with the lower net family
property receives half of the difference between each person’s total
net family properties.
With J-Lo and Marc Anthony, we are probably looking at some hefty numbers.
They own several homes and businesses, and they are also minority owners
of the Miami Dolphins, who recently fired coach Tony Sparano.
Sources say once the former couple works out the property and asset division,
they will file for divorce in California, because you can file for divorce
there without placing any party at fault-the so-called “no fault”
divorce. The divorce would be legally finalized six months after they file.
In Ontario, we also have no fault divorce, but it is just referred to using
different terminology. In order to finalize a divorce, a couple has to
be “living separate and apart for one year.” The difference
then becomes the time it takes to finalize the divorce. In Ontario, you
must wait a full year after filing an Application for divorce before it is final.