If you live in British Columbia, the division of your assets and liabilities will be by the Family Law Act. Whether you are married or in a relationship, the property in the name of you and your partner will be considered family property.
In the case of a separation, the property division will start with the presumption of both parties receiving an equal share. However, this is not true for all properties. The assets a partner had acquired before marriage or cohabitation will be excluded from the family property. All the growth in your family property after marriage/cohabitation will also be divided equally after separation.
Such property division after separation applies to you and your partner unless there is a court order or any other legal document stating the contrary. It is always better to consult a divorce and separation lawyer whenever you plan on separating from your spouse or partner.
If you take things systematically and legally, allocating your family property after separation will not be complicated. It takes two major steps: identifying your assets and liabilities and seeking a legal professional’s help.
Let us quickly discuss each of these steps.
Before anything else, you should identify your assets and liabilities at the time of separation. This is the property that will be divided between you and your partner. Take note of all the assets and deduct all your liabilities from them to get the net value of your family property.
Just like assets, all your debts will be divided equally between both partners unless they carry any debt they owe beforehand. While this is not often the case, you should know that the court has the right to deviate from such division. Under such circumstances, your separation and divorce lawyer in BC will help you navigate the matter.
While the basics of property allocation after separation are simple, things often get complicated between partners. It is always better to have an experienced legal professional on board to help you out. Look for qualified local divorce and separation lawyers in British Columbia to ensure hassle-free separation.
Along with the division of your net family property (assets – liabilities), your lawyer will also help you with matters related to custody of kids, residence, alimony, and more.
The division of property according to the Family Law Act of British Columbia applies to all married couples. It also applies to unmarried couples living together and sharing property for two years or more. If you and your partner want to divide your family property differently, it is possible.
For this, you will need to opt out of British Columbia’s property division law by writing an agreement. This document is often called a pre-nuptial, cohabitation, or marriage agreement. Your separation and divorce lawyer will help you draft this document according to your preferences.
If you are a married couple, you will need to make this application and create a dedicated agreement within two years of receiving your divorce order. If you are living with a partner without getting married, you need to do so within two years of your separation date.
While you can go ahead with a separation or divorce independently, working with a lawyer makes the procedure quicker and more efficient. An experienced lawyer in BC prevents you from making careless mistakes and allows you to make objective decisions.
Whether you are married or living in a common-law relationship in British Columbia, Cube Law helps you divide your family property by the applicable law. Our lawyers will help you calculate your property and inform you about the assets and liabilities to exclude. They will also assist you in creating a pre-nuptial agreement if you wish to divide your property your way. Cube Law offers affordable and personalized legal services to its clients, helping them make wise and informed decisions.
(Please note that this is not legal advice from Cube Law. The content is written only for informational purposes. Contact us to learn more about our services.)
