Yours, mine and ours. That's what needs to be decided when it comes to property division when a couple is headed for divorce. The matrimonial home is likely the thing around which the biggest and often most contentious decisions are made. Separating property -- including the matrimonial home -- is governed by provincial legislation in British Columbia, whether the couple is married or unmarried, in a heterosexual relationship or a same-sex one.
There are many things on the table when a couple makes the decision to divorce. One of the discussions British Columbia couples in this circumstance must have is regarding property division. But what happens when a business is involved? It doesn't matter if the business is worth billions, millions or thousands of dollars, communication and collaboration are the keys, according to experts.
There may be a term bandied about during the divorce process of which some couples may not be aware: patrimony. Essentially, in British Columbia -- as in the rest of the country -- patrimony refers to property division whether a couple is married or living in a common law relationship (or civil union). Family patrimony is comprised of the assets a couple shares that are up for division at separation or divorce and some of these assets fall under this category no matter to whom they originally belonged.
Separating or divorcing means a couple still has to take care of a lot of business. One of the issues about which decisions need to be made is property division. That hasn't been easy for many British Columbia couples in light of the volatile real estate market and escalating property values, but there are distinct rules in place governed by the Family Law Act. For example, family property is any property owned by both spouses on the date of separation no matter in whose name the property is registered and that means that property must be divided equally among the individuals.
When living under one roof becomes more than couples can bear, they may decide it's time to end their relationships. British Columbia residents who are married or living in common law unions have many things with which they need to come to terms. One of the decisions that has to be made upon the dissolution of a marriage or common law relationship, is property division.
Couples who are heading for divorce obviously have had clashes of communication and likely don't see eye to eye on many issues. When divorcing British Columbia couples don't agree on property division, they have two choices -- each can get the help of a family law professional to help sort out the problems or head to court and let a judge decide. Alternative dispute resolution may be the answer to save going the family court route.
Divorce can be a messy affair. Whether a British Columbia couple is formally married or living a common law lifestyle when the relationship sours and the decision has been made to part ways with property on the line, the issue of property division will rear its head at some point. Family law is very encompassing when it comes to common law spouses and dividing property.
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.
When couples in British Columbia end their relationships, there are often two primary concerns -- what happens to their children and what happens to their property. Unless you entered into an agreement prior to your relationship that divides your property upon divorce, you will need to address this issue during your proceedings. You will also need to go through this process if your common law relationship lasted for a minimum of two years.
If a married individual is gifted with a sizable amount of money and the relationship breaks down, is it fair that the money should be split upon divorce? When it comes to property division issues in Canada, a person can protect an inheritance if a marriage ends in divorce. The most obvious way is with either a prenuptial agreement prior to getting married or a postnuptial agreement once the parties are already married.