The equalization of family property only applies to married couples and not common law spouses.
It involves the process of determining the equal division of the value of all net wealth acquired during the marriage until the date of the separation. It may lead to an equalization payment. The spouse whose net family property is of lesser value than the other spouse’s property is entitled to an equalization payment to ensure a fair division of the wealth upon separation.
The value of some property owned on separation may be excluded from the calculation like inheritances, or gifts, while the value of other property owned on the date of marriage may be deducted from the calculation.