‘Matrimonial Property’ is all the property that is acquired by either or both spouses during the marriage. It can be property bought by both spouses together, as a family, or individually. Generally, the matrimonial property is divided equally between spouses when a marriage ends, unless the result of this equal division would be unfair.
Certain kinds of property acquired before the marriage may not be divided when a marriage ends. This is called ‘exempt property’.
However, sometimes the increase in the value of exempt property may be considered ‘matrimonial property’. An example of this may be that you owned a condo worth $20,000 at the beginning of the marriage. That amount may be exempt from division but if the condo increased in value, the increase may be divided between the spouses.
This increase in value may not automatically lead to an equal split. The Court will make a decision based on what the Court considers to be fair.