Each spouse in a marriage can carry debts and own property in their name. Each partner in a marriage can have debts and own property in their name. These assets will remain your spouse’s property. Suppose you marry someone who has a Registered Retirement Savings Plan (RRSP). In that case, it will increase their date of marriage deduction and the possibility of a decrease in their net family property.

The net family property’s progress is measured from the date of marriage to the date of separation. The progression of net family assets is calculated from the date of marriage to the date of separation. Regardless of the name on the account, a spouse’s property is considered matrimonial and must be divided or equalized. It is critical to recognize that not all separations or divorces result in separating or equalizing assets between spouses. You and your spouse may agree to divide other equally valuable assets or debts to cover what is owed.