Yukon Divorce Asset Inventory

The Asset Inventory Is Where Every Divorce Settlement Starts

Before you can divide anything, you need to know what exists. A complete asset and debt inventory is the foundation of property division under Yukon's Family Property and Support Act — and the quality of your inventory directly determines whether your settlement is fair or whether one spouse walks away having unknowingly left money on the table.

The inventory serves two purposes. First, it feeds directly into the mandatory financial disclosure required under Supreme Court Rule 63A — the sworn financial statement that both parties must exchange. Second, it provides the raw data for calculating your net family equity: total family assets minus total family debts, divided equally between spouses.

Most people underestimate the scope of what needs to be cataloged. A thorough inventory goes well beyond the bank accounts and the house.

What to Include: The Full Asset List

Real property: The family home, any secondary residences, recreational cabins, rental properties, vacant land, and any interest in real property held through a corporation or trust. Each property needs a current fair market value — ideally from a professional appraisal, or at minimum from the most recent territorial property tax assessment.

Financial accounts: All bank accounts (chequing, savings, joint, and individual), GICs, investment accounts, brokerage accounts, and any cash holdings. Record the balance as of the separation date.

Registered accounts: RRSPs, RRIFs, TFSAs, LIRAs, and any other registered retirement vehicles. Note both the current balance and the balance at the start of cohabitation (if you can obtain historical statements), since only the portion accumulated during cohabitation is subject to division.

Pensions: Employer pensions (defined benefit and defined contribution), including the most recent pension statement showing vested and unvested benefits. For defined benefit pensions, the plan administrator's commuted value is a starting point, but an independent actuarial valuation may be needed for an accurate division.

Vehicles: Cars, trucks, ATVs, snowmobiles, boats, and any other titled vehicles. Use Canadian Black Book or comparable tools for fair market values.

Household contents: Furniture, appliances, electronics, art, jewelry, and collections. Most household items aren't worth fighting over individually, but the aggregate value can be significant. Agree on values where possible; where you can't, fair-market resale value is the standard approach.

Business interests: Shares in private corporations, partnership interests, sole proprietorships. These often need a professional business valuation, especially if the business generates significant income or holds appreciating assets.

Other assets: Life insurance policies with a cash surrender value, stock options and RSUs, frequent flyer points, prepaid expenses, and any debts owed to you by third parties.

What to Include: The Full Debt List

Mortgages: Current balance, interest rate, monthly payment, remaining term, and whether the mortgage is joint or sole.

Lines of credit: Current balance and whether joint or individual.

Credit cards: Current balance on each card. For joint cards, note the balance as of the separation date separately from any post-separation charges.

Vehicle loans: Outstanding balance on each financed vehicle.

Tax debts: Any amounts owed to CRA, including HST arrears or unpaid income tax.

Student loans: Outstanding balance, noting whether the education was obtained before or during the cohabitation period.

Personal loans: Any loans from family members, friends, or private lenders.

How to Value Everything

The legal standard is fair market value (FMV) — what a willing buyer would pay a willing seller in an arm's-length transaction. This is different from the purchase price, the insurance replacement value, or what you think something is worth sentimentally.

For the family home, a professional real estate appraisal (typically CAD 300 to CAD 500 in Whitehorse) provides the most defensible number. The territorial property tax assessment is a rough guide but often lags behind actual market conditions.

For vehicles, Canadian Black Book or AutoTrader comparables give a reasonable FMV. For household items, garage-sale value is more realistic than replacement cost for most things.

For pensions and business interests, professional valuations are usually necessary. An actuarial valuation for a defined benefit pension typically costs CAD 1,500 to CAD 3,000, and a business valuation ranges from CAD 2,000 to CAD 10,000 depending on complexity.

Organizing It Into the Equalization Calculation

Once you've cataloged and valued everything, the equalization math is straightforward:

1. List all family assets with their fair market values
2. List all family debts with their current balances
3. Subtract total debts from total assets to get net family equity
4. Divide the net family equity by two — that's each spouse's entitlement

If one spouse holds more than half the net equity in assets registered in their name, they owe the other spouse an equalization payment to bring both sides to 50%.

Assets that qualify as excluded property (pre-marriage assets never used for family purposes, inheritances kept separate, gifts from third parties) stay outside the family pool — but the burden of proving exclusion falls on the spouse making the claim.

Start the Inventory Early

The best time to start your asset inventory is before you separate, or on the day you separate at the latest. Pull statements, photograph valuables, and document balances while you still have access to shared accounts and records. Once separation happens, access to joint accounts and household records can become complicated.

If separation has already occurred and you're missing information about your spouse's assets, the mandatory disclosure process under Rule 63A will compel them to produce it. But having your own records organized first puts you in a stronger position.

The Yukon Divorce Financial Split Guide includes structured asset and debt inventory worksheets designed around the FPSA categories, with built-in columns for classification (family vs excluded), valuation sources, and the equalization calculation.

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