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Difference between revisions of "Property and Debt in Family Law Matters"
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Property and Debt in Family Law Matters (view source)
Revision as of 03:22, 20 March 2013
, 03:22, 20 March 2013→Dividing Property and Debt under the Family Law Act
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====Separating==== | ====Separating==== | ||
Although a married couple are married until they get a divorce, the key date for the division of property and debt under the ''Family Law Act'' is the date of separation. | Although a married couple are married until they get a divorce, the key date for the division of property and debt under the ''Family Law Act'' is the date of separation and this date is important for both married spouses and unmarried spouses. | ||
Although many people move out when they separate, other couples separate and remain living under the same roof. A physical separation is not necessary to separate, there must simply be an intention to end the relationship and the intimacies that go along with it. Often the decision to separate is made by both spouses, but it only takes one spouse decide to end a relationship, and one spouse's decision to separate doesn't require the consent of the other spouse. | |||
Section 3(4) of the act says that: | |||
spouses | <blockquote><tt>(a) spouses may be separated despite continuing to live in the same residence, and</tt></blockquote> | ||
<blockquote><tt>(b) the court may consider, as evidence of separation,</tt></blockquote> | |||
<blockquote><blockquote><tt>(i) communication, by one spouse to the other spouse, of an intention to separate permanently, and</tt></blockquote></blockquote> | |||
<blockquote><blockquote><tt>(ii) an action, taken by a spouse, that demonstrates the spouse's intention to separate permanently.</tt></blockquote></blockquote> | |||
In other words, to separate one spouse must announce the end of the relationship and then take steps which would demonstrate an intention to end the relationship. Separation is discussed in more detail in the _________ page. | |||
===Property Brought Into the Relationship=== | |||
For most couples, property brought into a relationship will form the largest component of a spouse's excluded property. However, when most people move in together counting up their assets is not the foremost thing on their mind. This means that you may wind up trying to do some historical accounting to figure out what you had one, two or more years ago. Whether you're starting a relationship or trying to figure out what you once had, these are the documents you need to look for: | |||
#bank statements for the period which includes the date you began to live together or got married, whichever came first; | |||
#RRSP, RIF, LIRA and other retirement account statements for the same period; | |||
#mutual fund and other investment account statements for that period; | |||
#any BC Assessment statements for the year which includes the date you began to live together or got married; | |||
#mortgage and line of credit statements for that period which includes the date you began to live together or got married; and, | |||
#credit card and loan statements for that period. | |||
It will be a harder to look back in time to figure out the value of things like cars, motorcycles, trailers, boats, snowmobiles and so on. If you're entering a relationship now, it will be helpful to look up the Canadian Black Book or Kelly Blue Book Canada estimated values for vehicles. Boats and trailers may need to be specially valued by a dealer. | |||
===Property Bought During the Relationship=== | |||
Lookng | |||
# | |||
==non-spouses== | ==non-spouses== | ||
