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Difference between revisions of "Basic Principles of Property and Debt in Family Law"
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Basic Principles of Property and Debt in Family Law (view source)
Revision as of 04:55, 26 March 2013
, 04:55, 26 March 2013→Family Relations Act and the Family Law Act
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The scheme for the division of property under the ''Family Law Act'' is technically a ''deferred partnership of acquests'' regime. Under the old ''Family Relations Act'', property was divided under a ''deferred community of property'' regime. A "partnership of acquests" scheme for family property means that the spouses both own all of the property acquired during their relationship, whether the property is owned by one spouse or by both spouses jointly; our model is ''deferred'' because the right to an equal share in this property doesn't arise until the spouses have separated. | The scheme for the division of property under the ''Family Law Act'' is technically a ''deferred partnership of acquests'' regime. Under the old ''Family Relations Act'', property was divided under a ''deferred community of property'' regime. A "partnership of acquests" scheme for family property means that the spouses both own all of the property acquired during their relationship, whether the property is owned by one spouse or by both spouses jointly; our model is ''deferred'' because the right to an equal share in this property doesn't arise until the spouses have separated. | ||
====Family Relations Act and the Family Law Act==== | ====The ''Family Relations Act'' and the ''Family Law Act''==== | ||
Under the ''Family Relations Act'', married spouses shared in all property that was "ordinarily used for a family purpose". This meant that you didn't need to look at who owned something on paper, how something was acquired, or whether property was acquired before or during the relationship; what mattered was how the property was ''used''. For most couples ''everything'' they had wound up being ordinarily used for a family purpose in one way or another. | Under the ''Family Relations Act'', married spouses shared in all property that was "ordinarily used for a family purpose". This meant that you didn't need to look at who owned something on paper, how something was acquired, or whether property was acquired before or during the relationship; what mattered was how the property was ''used''. For most couples ''everything'' they had wound up being ordinarily used for a family purpose in one way or another. | ||
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<blockquote><tt>spouses are both entitled to family property and responsible for family debt, regardless of their respective use or contribution</tt></blockquote> | <blockquote><tt>spouses are both entitled to family property and responsible for family debt, regardless of their respective use or contribution</tt></blockquote> | ||
What matters now is ''when'' property was acquired | What matters now is ''when'' property was acquired and ''how'' property was acquired. Property bought before the spouses' relationship began is presumed to be excluded property; property bought during the spouses' relationship with excluded property is also presumed to be excluded property. Under a ''deferred community of property'' regime, both spouses are presumed to have an interest in all assets on the date of separation. Under a ''deferred partnership of acquests'' regime, the spouses are presumed to have an interest in only the assets they accumulated during their relationship on the date of separation, except for any assets brought with excluded property. | ||
====Transition Provisions==== | ====Transition Provisions==== | ||
