How do I figure out the amount of the equalization payment I owe or will receive?

The formula is: subtract one spouse's net family property from the other's, then divide by two. The spouse with the lower net family property receives half that difference.

Step one: each spouse calculates their own net family property (assets at valuation date minus debts at valuation date minus pre-marriage deductions minus any excluded property). Step two: subtract the lower NFP from the higher NFP. Step three: divide by two — that is the equalization payment.

If one spouse's NFP is negative, the Family Law Act treats it as zero. So if your spouse ended the marriage with net debts, you compare your NFP against zero, not against a negative number. In practical cases, gathering accurate numbers for both sides is the hardest part — disputes about valuations, what qualifies as an exclusion, and what debts existed at separation all affect the final number. Running preliminary numbers through the formula with your lawyer can help you understand your approximate range before investing in formal valuations.