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The finer points of Serra v. Serra, 2009 ONCA 105 (CanLII) Updated!

The finer points of Serra v. Serra, 2009 ONCA 105 (CanLII)

The Court, on appeal, decided to agree to a variance of the net family property division. In this case the original property valuation on separation day favored the wife such that the husband was expected to make equalization payments of a very significant sum. Following the separation, the husband’s manufacturing business suffered due to changes in WTO policies and changes in government tariffs following free market strategies.
The question was whether or not a recalculation of the net family property subsequent to the valuation date was just or in other words was the original calculation at valuation date unconscionable in the circumstances.
The Judge departed from previous case law and held that a market driven decline in net family property is a circumstance under which the court may order an unequal division of property under section 5(6) of the Family Law Act. But would this apply in all cases of a market driven decline…