The 4 Steps Process

Step 1

Identify and value the assets, liabilities and financial resources of both parties. These include all assets the parties are beneficially entitled to whether they be in joint names, sole names or held jointly with a third party or through trusts or corporation.

Step 2

Look at the contributions made by each of the parties including:

1. Financial contributions.
   1. initial contributions;
   2. contributions made during the relationship; and
   3. post-separation contributions.
2. Non-financial contributions which include contributions such as physically labouring on home renovations, and
3. Homemaking and parenting contributions.

Step 3

Decide whether an adjustment should be made because one of you has greater needs than the other by virtue of factors such as the care of young children, low income, or one party having more financial resources than the other.

Step 4

Check that the proposed orders are just and equitable in all the circumstances