Family Property and Debt

Many couples who are divorcing or separating are focused on how the property they held together will be divided, and who will get what. Far too often, couples fail to realize that the debt they have accumulated together during the marriage or common law marriage will also be divided.

What Is Included in Family Debt and Eligible to Be Divided?

Just as family property includes all assets held by either spouse during the relationship, family debt covers any debt or obligations either spouse took out during the course of the marriage. This could include:

  • Credit cards
  • Loans, both bank and personal
  • Mortgages and property debt
  • Lines of credit
  • Income tax liability of one or both spouses
  • Repair and maintenance costs

This does not, however, include debt that was held by either spouse before the marriage. If the debt increased, however, during the course of the marriage, that amount could be included in the property division process, and the other spouse could be obligated to help pay it.

At Peterson Stark Scott, our experienced family lawyers help clients understand how the division of debt could impact their specific situation. We help to create innovative strategies and solutions for dividing that debt to minimize the impact it will have on their financial situation.

Our clients throughout Surrey and British Columbia have put their trust in us for years. That trust is built on an ability to achieve results and protect our clients' long-term interests, needs and goals.

For more information about how we can help you achieve the best possible outcome in your specific property division matter, please call us today to arrange an initial consultation.