What steps must be taken by a court to determine equalization under s. 5(6)?
Ontario, Canada
The following excerpt is from Hamernik v Hamernik, 2017 ONSC 1261 (CanLII):
The Court of Appeal in Serra v. Serra, at para. 37, set out the steps to be taken when following a s. 5(6) analysis: The court must first ascertain the net family property of each spouse, by determining and valuing the property each owned on the valuation date (subject to the deductions and exemptions set out in s. 4). Next, the court applies s. 5(1) and determines the equalization payment. Finally – and before making an order under s. 5(1) – the court must decide whether the equalization of net family properties would be unconscionable under s. 5(6) having regard to the factors listed in paragraphs 5(6)(a) through (h).
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