MARITAL PROPERTY - Equalization or division - Asset types - Business, commercial or non-family assets

Law360 Canada ( October 28, 2019, 8:24 AM EDT) -- Appeal by the husband from a judgment valuing family property and determining his income for support purposes. Cross-appeal by the wife from a time-limited spousal support award. The parties married in 1994. Their two children were born in 1996 and 1998. The parties separated in 2013. The children attended university. The husband worked in the oil fields and held ownership interests in two oil rig service companies. The wife held various part-time administrative positions. The trial judge valued one of the husband's corporate interests as at the date of trial rather than as a going concern and found that the other company had negative value due to certain contingent liabilities. That negative value was not included in family property on the basis that those future liabilities would be borne equally by shareholders. The final result required an equalization payment of $108,827 by the husband to the wife. The trial judge found that the husband's income was between $164,500 and $188,200 between 2013 and 2015, and that the wife's income was between $48,000 and $66,573 during that time. Child support was ordered pursuant to the Guidelines. The wife was awarded spousal support for a fixed seven-year term. The parties each appealed....
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