Marriage is different in the 21st century and so is divorce. With same-sex marriage legal in Canada, same-sex spouses who are divorcing have similar issues to address. One of those concerns is property division. Laws affecting most marriage and family issues are put in place by individual provinces. In British Columbia same-sex couples have the same rights as heterosexual couples do when it comes to family law.
During the course of a marriage, the typical married couple accumulates a wide variety of assets, from stamp collections to silverware. For most, the marital home tops them all for value, and its disposition is the most important consideration during the process of property division. Choosing what to do with it may not be easy, but for those who sell, specialized help may be available.
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.
A marriage agreement is not the kind of thing two starry-eyed newlyweds discuss across a bistro table at a British Columbia ski resort. It is, however, an important topic for any married couple, especially after assets have accumulated over the years. Though no happily married couple wants to get a divorce, it may be comforting to know that if it should ever happen, the complex and contentious matter of property division is already dealt with.
The accumulated assets of a marriage can sometimes be substantial. In fact, some people may not be aware exactly how extensive their holdings are until it comes time to split them up during a divorce. For those with questions about property division in British Columbia, here some useful facts on the subject.
When it comes to divorce, both parties typically want to move on as quickly as possible, but with the assurance that a fair settlement has been reached. Understandably, two people who feel they can no longer continue together may have differing ideas on the definition of "fair". At times, some parties may be tempted to eschew full disclosure during the property division process. But is this permissible in British Columbia?
When going through divorce or separation, the law mandates that both family assets and family debts be divided evenly between the estranged spouses.
When deciding on how to divide family property, divorcing parties have the choice of either privately negotiating and drawing up their own written agreement or having a judge decide on the matter. But whichever avenue you decide to pursue, achieving a fair division starts with accurate valuation of every divisible asset.
When a couple is able to come to a mutual agreement on the legal issues that will govern their relationship after separation, protracted disputes in court can be avoided and both parties save time, expense and stress. But in order to arrive at a fair agreement, full and honest disclosure of financial information is vital. Our post this week examines the types of financial documents that can help you gain a clear picture of your family’s financial situation before settling the terms of a separation agreement.
In British Columbia, the law states that when a married or common law couple separates, family property and debt are divided 50/50. However, exceptions do exist. Our post this week takes a broad look at the less common circumstances in which spouses may leave the relationship with an unequal division of family property and debt.