Difference between revisions of "Family Law Act Basics"

The value of property is what a reasonable person — someone objective, not one of the parties — would pay to buy the property in its current state. This is called the property’s ''fair market value''. The process of assessing this value is called ''valuation'', and because property changes value over time, a fixed point-in-time when the property's value is to be assessed (the ''valuation date'') is critically important.  

For a signed agreement dealing with property division between spouses, the valuation date is the date of the agreement. For a court order dividing property, the valuation date is the date of the court hearing.