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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 19:02, 20 March 2013
, 19:02, 20 March 2013→Property Acquired During the Relationship
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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 | 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) give some examples of specific assets that are family property, including: | ||
#interests in companies, businesses, partnerships and ventures; | |||
#money owed to a spouse; and, | |||
#bank accounts, savings, pensions and RRSPs. | |||
Family property also includes the amount any excluded grows in value after the date the spouses' relationship began or after the excluded property was acquired, whichever is later. | |||
====Excluded Property==== | ====Excluded Property==== | ||
The sort of excluded property that can be acquired during a relationship is described in s. 85(1), and includes: | |||
#gifts; | |||
#inheritances; | |||
#court awards and settlements; | |||
#insurance payments; and, | |||
#property held in trust, providing that the spouse didn't put the property into the trust. | |||
===Dividing Property: An Example=== | |||
Let's look at an example so t | |||
==non-spouses== | ==non-spouses== | ||
