The parties separated after a 24-year marriage.
At separation, the husband's textile business was valued at up to $11.25 million.
By trial, market forces had reduced its value by $8-9 million.
The trial judge ordered an equalization payment of over $4 million based on the separation-date value, finding that a market-driven decline could not be considered under s. 5(6) of the Family Law Act.
The Court of Appeal allowed the appeal, holding that a post-separation market-driven decline in value can be considered under s. 5(6)(h).
Given the dramatic decline, the wife's trust claims, and the preservation order, equalizing the properties based on the separation date was unconscionable.
The equalization payment was reduced to $900,000.