How does equalization work if this is a second marriage in Ontario?

Equalization works the same way in a second marriage as in a first. Each spouse calculates their net family property at the date of separation by subtracting pre-marriage value (which in a second marriage may be substantial), any excluded property, and debts. Only the growth in wealth during the second marriage is equalized.

A common concern in second marriages is protecting assets accumulated before or during a prior relationship. Pre-marriage deductions help, but good record-keeping from the wedding date is essential. If you brought significant assets into the second marriage — investments, a home, a business — documenting their value on the date of the second marriage is critical for any future equalization calculation.

Marriage contracts (prenuptial agreements) are particularly common and practical in second marriages, where both parties often have established finances and children from prior relationships. A thoughtfully drafted marriage contract can clarify what will be shared and what stays separate, providing certainty and reducing conflict if the marriage ends.