In a family law motion relating to property equalization, the moving party sought an order requiring the responding party to obtain a formal valuation of her shares in a limited partnership as of the valuation date.
The responding party asserted the shares had nominal value and relied on an email from a company officer and financial statements showing operational losses.
The court held that the party asserting the value of an asset bears the primary onus of establishing that value with credible evidence.
The evidence provided was insufficient to meet that burden, as there was no evidence of the qualifications of the person offering the opinion or the basis of the valuation.
The court ordered the responding party to obtain an independent formal valuation at her own expense.
