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.
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.