Protecting Property and Debt in Family Law Matters: Difference between revisions
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Protecting Property and Debt in Family Law Matters (view source)
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}}{{LSSbadge | }}{{LSSbadge | ||
| resourcetype = a fact sheet on | | resourcetype = a fact sheet on | ||
| link = [ | | link = [https://family.legalaid.bc.ca/finances-support/property-debt Property & debt] | ||
}}It's sometimes necessary to take steps to protect family property, family debt, and excluded property until a final agreement or order dividing assets is made. Failing to take these steps can sometimes result in property being sold, diminished in value, used as collateral for a loan, moved out of province, or being seized by a trustee in bankruptcy or by a creditor. Most of the time it only becomes important to protect property after a couple has separated. | }}It's sometimes necessary to take steps to protect family property, family debt, and excluded property until a final agreement or order dividing assets is made. Failing to take these steps can sometimes result in property being sold, diminished in value, used as collateral for a loan, moved out of province, or being seized by a trustee in bankruptcy or by a creditor. Most of the time it only becomes important to protect property after a couple has separated. | ||
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===Register your interest in property=== | ===Register your interest in property=== | ||
Registering an interest in real property will stop the property from being sold and may prevent the property from being borrowed against. The two most common ways to do this are by filing an entry under the ''[ | Registering an interest in real property will stop the property from being sold and may prevent the property from being borrowed against. The two most common ways to do this are by filing an entry under the ''[https://canlii.ca/t/8451 Land (Spouse Protection) Act]'' with the Land Title and Survey Authority, or by filing a Certificate of Pending Litigation under the ''[https://canlii.ca/t/8456 Land Title Act]'' with the Land Title and Survey Authority. | ||
====Entries under the ''Land (Spouse Protection) Act''==== | ====Entries under the ''Land (Spouse Protection) Act''==== | ||
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====Certificates of pending litigation under the ''Land Title Act''==== | ====Certificates of pending litigation under the ''Land Title Act''==== | ||
Where a court proceeding has started in the Supreme Court, a ''Certificate of Pending Litigation'' (CPL), formerly called a ''lis pendens'', can be registered against the title of any property owned by you and your spouse or your spouse and a third party (such as a parent) at the Land Title and Survey Authority. As long as you have asked for a CPL in your Notice of Family Claim or Counterclaim and made a claim for the division of family property, you will be entitled to register a CPL. If title to the property is registered in the name of your spouse and a third party, you must name the third party as a party in the Notice of Family Claim or Counterclaim if you wish to seek relief against the third party vis-à-vis the property. | Where a court proceeding has started in the Supreme Court, a ''Certificate of Pending Litigation'' (CPL), formerly called a ''lis pendens'', can be registered against the title of any property owned by you and your spouse or your spouse and a third party (such as a parent) at the Land Title and Survey Authority. Section 215 of the ''[https://canlii.ca/t/8456 Land Title Act]'' deals with CPLs. As long as you have asked for a CPL in your Notice of Family Claim or Counterclaim and made a claim for the division of family property under the ''[[Family Law Act]]'', you will be entitled to register a CPL. If title to the property is registered in the name of your spouse and a third party, you must name the third party as a party in the Notice of Family Claim or Counterclaim if you wish to seek relief against the third party vis-à-vis the property. | ||
The effect of a CPL is to announce to anyone interested in the property, such as a mortgagee or a creditor or a potential buyer, that ownership of the property may change as a result of the litigation. This discourages and usually prevents the | The effect of a CPL is to announce to anyone interested in the property, such as a mortgagee or a creditor or a potential buyer, that ownership of the property may change as a result of the litigation. This discourages and usually prevents the registered owner's ability to sell the property or mortgage it. | ||
You can file your CPL at the same time as you file your Notice of Family Claim or Counterclaim. The registry will stamp your CPL, | The BC Supreme Court offers a [https://www.bccourts.ca/supreme_court/self-represented_litigants/sc_info_packages/cpl_package.pdf CPL information package] on its website. You can file your CPL at the same time as you file your Notice of Family Claim or Counterclaim. The registry will stamp your CPL, but it must then be filed with the Land Title and Survey Authority (LTSA) along with a copy of the Notice of Family Claim or Counterclaim. Because a CPL is a ''charge'' against the title that has serious implications, and because the LTSA has now moved to requiring that almost all its filings need to be done online, there are restrictions on who the LTSA authorizes to certify the formal documents. Practically speaking, you will need a lawyer or notary public to help you actually file the CPL with the LTSA. | ||
The owner or owners of the property on which a CPL has been registered against title are given notice of the CPL by mail. | |||
====Notices and financing statements under the ''Family Law Act''==== | ====Notices and financing statements under the ''Family Law Act''==== | ||
