Family property is any property (real or personal) that is owned by either spouse at the time of separation or divorce. Family property can include land, houses, buildings, cash, vehicles, and any other form of property that is owned by one of the spouses or that either of the spouses have an interest in at separation. This can also include pensions, RRSPs, investments, bank accounts, shares, businesses, and other related types of property. Family property can, in some cases, include inheritances one of the spouses has received as well as other gifts from third parties.
When spouses separate, there is a presumption that the assets/property or the value of the assets/property will be equally divided; however, in some cases, some assets or pieces of property may not be equally divided.