This decision concerns an appeal from a family arbitration award regarding the proper method for valuing a foreign property (in Egypt) for equalization purposes under Ontario’s Family Law Act.
The applicant (wife) argued for alternative exchange rate methodologies to avoid a "phantom loss" due to currency devaluation, while the respondent (husband) and the arbitrator applied the statutory approach of using the exchange rates at the date of marriage and the valuation date.
The court dismissed the appeal, finding the arbitrator’s approach correct and consistent with the legislative scheme, and awarded costs to the respondent.
