What does the term “Net Family Property” mean in Family Law?
The Family Law Act lays down a regime for division of property upon breakdown of marriage. The formula is designed to calculate the growth of each spouse’s net worth from the date of marriage to the date of separation (which is referred to as the “valuation date)” and equalize the difference between them. To determine the difference, each spouse calculates his or her net worth on the date of marriage and on the valuation date. The increase is known as the net family property.