When a marriage or marriage-like relationship ends, one life suddenly becomes two. As the couple splits apart, so too must all their belongings. During the process of property division, the combined assets and liabilities of a couple are spread between the former partners before they go off to live separately. Here are some answers to the questions men and women may have about dividing assets in British Columbia.
The Family Law Act of March 2013, brought many changes to the rules for property division in BC. As things stand now, former partners will typically be granted an equal share of the value of their combined assets and debts. Property brought into the marriage or long-term relationship remains in the possession of the original owner. Be aware that time restrictions are enforced: an application for property division must be made within two years of the divorce order, or within two years of the date of separation for unmarried couples.