Are Joint Assets Possible to Keep After Separation?

When a relationship ends, not everything about it necessarily does. There are a number of relationships someone has with another person throughout their time knowing them. While one part might end, like the romantic or cohabiting partnership, another may still remain, especially if it’s financial. And when that financial relationship involves shared assets, things can get complicated quickly.

But maybe, for whatever reason, you want to keep your joint assets together. Perhaps it still makes sense logistically, financially, or even emotionally. So, are joint assets possible to keep after separation?

The short answer: Yes.

If both parties agree and communicate clearly, there are legal paths that support joint ownership. The key is understanding the law and how it applies to you.

What Does the Family Law Act Say?

Let’s talk about the law for a moment—specifically Ontario’s Family Law Act. To put it bluntly, under section 5(1) of the Act, it states that the spouse whose net family property is the lesser of the two is entitled to one half of the difference between them.

This rule exists to ensure a fair division of assets and contributions made during the relationship. So if one person walked away with significantly more than the other, this section of the law is designed to balance that. However, it doesn’t automatically mean that every single asset must be split or sold. There are exceptions... and choices.

ENTER: the Separation Agreement!

Separation Agreements Give You Control

According to section 54 of the Family Law Act, two people who have cohabited and are now living separate and apart can enter into a Separation Agreement. This legal document allows them to set out their respective rights and obligations. One of the areas you can agree on?

(a) ownership in or division of property.

This means that you and your former partner can decide, together, how you want to handle your joint assets. You might agree to keep a joint business running, co-own a rental property, or even share a bank account for certain family-related expenses. As long as it's clearly outlined in a separation agreement, and both parties consent, the law allows you that flexibility.

Freedom to Choose What Works Best

One of the most empowering aspects of Separation Agreements is the freedom they offer. If you are in a situation where both you and the other person agree, this becomes a collaborative process, not a combative one. Rather than defaulting to court-ordered division, a well-drafted agreement lets you prioritize what makes the most sense for your unique circumstances. And in many cases, that means maintaining joint assets for practical or mutual benefit.

For example, I once worked with a couple, let’s call them Alex and Taylor, who separated after 14 years but still shared ownership in a family cottage. Their children had deep emotional roots there. Selling it felt like a loss for everyone. After some open and honest conversations (and a bit of mediation), they decided to keep the cottage jointly and rotate its use. With a solid Separation Agreement, that shared asset stayed intact and their kids continued making summer memories.

Next Steps Thinking about a Separation Agreement or wondering how to handle shared assets after separation? Book a consultation with Alliston Resolutions. We’ll walk you through your options with clarity, compassion, and strategy—so you can move forward with peace of mind.

External Resource:

• Ontario Family Law Act – Full Text (Government of Ontario)