A real estate market that has been on fire for some time in Vancouver has created a new set of issues for divorcing couples. Real estate transactions in British Columbia have been steaming, which makes the issue of property division in the province somewhat more complicated. Any property owned by spouses on their separation date is considered family property and is on the block for division, no matter whose name is on the deed.
Some property, however, is not included such as that which a spouse owned prior to the marriage. What is included is the value increase of that property during the course of the relationship. In other words, if the one spouse bought the property for $150,000 and it is now worth $250,000, the difference in value is considered family property. That can be considerable if the market has been hot.
The value of properties in question aren't ascertained on the day a couple separates, but either on the date a divorce settlement is reached or on a trial date if no settlement is reached. And so the clock begins to tick in that respect because it could take months and even years for the case to get to trial or for a settlement in a contentious case. All sorts of issues could crop up in the meantime.
Property division during a divorce can be challenging. Having a property division contract can go a long way to alleviating possible complications. A British Columbia lawyer can help with such planning. He or she can also advise on other documents such as separation agreements, child support and custody and other issues pertaining to divorce.