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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 15:07, 26 March 2013
, 15:07, 26 March 2013→Valuation and Valuation Date
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Under the ''Family Law Act'' there is just one triggering event, and it does not require the parties to start a court proceeding or to sign an agreement. | Under the ''Family Law Act'' there is just one triggering event, and it does not require the parties to start a court proceeding or to sign an agreement. | ||
====Valuation and Valuation Date==== | ====The Valuation of Proeprty and Valuation Date==== | ||
Although pool of family property to be shared between spouses is crystallized when the triggering event happens, under s. 87(b), ''value'' of the property is not fixed until the date of the trial or agreement that divides the property. This makes sense, because it can take two or three years for the division of property to wrap up at a trial, and it can even take a number of months to finish an agreement for the division of property. | Although pool of family property to be shared between spouses is crystallized when the triggering event happens, under s. 87(b), ''value'' of the property is not fixed until the date of the trial or agreement that divides the property. This makes sense, because it can take two or three years for the division of property to wrap up at a trial, and it can even take a number of months to finish an agreement for the division of property. | ||
