Difference between revisions of "Property and Debt in Family Law Matters"
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====Family property==== | ====Family property==== | ||
Under s. 84(1) of the ''[[Family Law Act]]'', family property is the property owned by one or both spouses on the date of their separation, including any property bought after separation with family property. Section 84(2) | Under s. 84(1) of the ''[[Family Law Act]]'', family property is the property owned by one or both spouses on the date of their separation, including any property bought after separation with family property. Section 84(2) gives some examples of specific assets that are family property, including: | ||
*interests in companies, businesses, partnerships and ventures, | *interests in companies, businesses, partnerships, and ventures, | ||
*money owed to a spouse, and | *money owed to a spouse, and | ||
*bank accounts, savings, pensions and RRSPs. | *bank accounts, savings, pensions, and RRSPs. | ||
Family property also includes the amount that any excluded property grows in value after the date the spouses' relationship began or after the excluded property was acquired, whichever is later. | Family property also includes the amount that any excluded property grows in value after the date the spouses' relationship began or after the excluded property was acquired, whichever is later. | ||