4 (1) In this Part, “court” means a court as defined in subsection 1 (1), but does not include the Ontario Court of Justice; (“tribunal”) “matrimonial home” means a matrimonial home under section 18 and includes property that is a matrimonial home under that section at the valuation date; (“foyer conjugal”) “net family property” means the value of all the property, except property described in subsection (2), that a spouse owns on the valuation date, after deducting, (a) the spouse’s debts and other liabilities, and (b) the value of property, other than a matrimonial home, that the spouse owned on the date of the marriage, after deducting the spouse’s debts and other liabilities, other than debts or liabilities related directly to the acquisition or significant improvement of a matrimonial home, calculated as of the date of the marriage; (“biens familiaux nets”) “property” means any interest, present or future, vested or contingent, in real or personal property and includes, (a) property over which a spouse has, alone or in conjunction with another person, a power of appointment exercisable in favour of himself or herself, (b) property disposed of by a spouse but over which the spouse has, alone or in conjunction with another person, a power to revoke the disposition or a power to consume or dispose of the property, and (c) in the case of a spouse’s rights under a pension plan, the imputed value, for family law purposes, of the spouse’s interest in the plan, as determined in accordance with section 10.1, for the period beginning with the date of the marriage and ending on the valuation date; (“bien”) “valuation date” means the earliest of the following dates: 1. The date the spouses separate and there is no reasonable prospect that they will resume cohabitation. 2. The date a divorce is granted. 3. The date the marriage is declared a nullity. 4. The date one of the spouses commences an application based on subsection 5 (3) (improvident depletion) that is subsequently granted. 5. The date before the date on which one of the spouses dies leaving the other spouse surviving. (“date d’évaluation”)  R.S.O. 1990, c. F.3, s. 4 (1); 2006, c. 19, Sched. C, s. 1 (2); 2009, c. 11, s. 22 (1-4); 2009, c. 33, Sched. 2, s. 34 (1). Net family property, liabilities (1.1) The liabilities referred to in clauses (a) and (b) of the definition of “net family property” in subsection (1) include any applicable contingent tax liabilities in respect of the property.  2009, c. 33, Sched. 2, s. 34 (2). Excluded property (2) The value of the following property that a spouse owns on the valuation date does not form part of the spouse’s net family property: 1. Property, other than a matrimonial home, that was acquired by gift or inheritance from a third person after the date of the marriage. 2. Income from property referred to in paragraph 1, if the donor or testator has expressly stated that it is to be excluded from the spouse’s net family property. 3. Damages or a right to damages for personal injuries, nervous shock, mental distress or loss of guidance, care and companionship, or the part of a settlement that represents those damages. 4. Proceeds or a right to proceeds of a policy of life insurance, as defined under the Insurance Act, that are payable on the death of the life insured. 5. Property, other than a matrimonial home, into which property referred to in paragraphs 1 to 4 can be traced. 6. Property that the spouses have agreed by a domestic contract is not to be included in the spouse’s net family property. 7. Unadjusted pensionable earnings under the Canada Pension Plan.  R.S.O. 1990, c. F.3, s. 4 (2); 2004, c. 31, Sched. 38, s. 2 (1); 2009, c. 11, s. 22 (5). Onus of proof re deductions and exclusions (3) The onus of proving a deduction under the definition of “net family property” or an exclusion under subsection (2) is on the person claiming it.  R.S.O. 1990, c. F.3, s. 4 (3). Close of business (4) When this section requires that a value be calculated as of a given date, it shall be calculated as of close of business on that date.  R.S.O. 1990, c. F.3, s. 4 (4). Net family property not to be less than zero (5) If a spouse’s net family property as calculated under subsections (1), (2) and (4) is less than zero, it shall be deemed to be equal to zero.  R.S.O. 1990, c. F.3, s. 4 (5). Section Amendments with date in force (d/m/y) 2004, c. 31, Sched. 38, s. 2 (1) - 30/04/2007 2006, c. 19, Sched. C, s. 1 (2) - 22/06/2006 2009, c. 11, s. 22 (1-3, 5) - 14/05/2009; 2009, c. 11, s. 22 (4) - 1/01/2012; 2009, c. 33, Sched. 2, s. 34 (1, 2) - 15/12/2009 Equalization of net family properties