Difference between revisions of "Dividing Property and Debt in Family Law Matters"
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====Dividing Property and Debt Equally==== | ====Dividing Property and Debt Equally==== | ||
Under s. 81(a) of the ''Family Law Act'', "spouses are both entitled to family property and responsible for family debt, regardless of their respective use or contribution". | Under s. 81(a) of the ''Family Law Act'', "spouses are both entitled to family property and responsible for family debt, regardless of their respective use or contribution"; under s. 81(b) each spouse's share of the family property is presumed to be an "undivided half interest" and each spouse is "equally responsible for family debt". Section 97 gives the court the ability to make whatever orders are necessary to divide family property and family debt between spouses. | ||
Section 84 | Section 84 says what family property is: | ||
<blockquote><tt>(1) Subject to section 85 [excluded property], family property is all real property and personal property as follows:</tt></blockquote> | <blockquote><tt>(1) Subject to section 85 [excluded property], family property is all real property and personal property as follows:</tt></blockquote> | ||
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<blockquote><blockquote><blockquote><tt>(ii) the excluded property was acquired.</tt></blockquote></blockquote></blockquote> | <blockquote><blockquote><blockquote><tt>(ii) the excluded property was acquired.</tt></blockquote></blockquote></blockquote> | ||
Section 86 says what family debt is: | |||
<blockquote><tt>Family debt includes all financial obligations incurred by a spouse</tt></blockquote> | |||
<blockquote><blockquote><tt>(a) during the period beginning when the relationship between the spouses begins and ending when the spouses separate, and</tt></blockquote></blockquote> | |||
<blockquote><blockquote><tt>(b) after the date of separation, if incurred for the purpose of maintaining family property.</tt></blockquote></blockquote> | |||
====Dividing Property and Debt Unequally==== | ====Dividing Property and Debt Unequally==== | ||