Difference between revisions of "Dividing Property and Debt in Family Law Matters"

#property bought after separation with family property is also family property; and,

#debt incurred after separation to maintain family property is family debt.

#inheritances;

#gifts;

#certain court awards; and,

#certain insurance payments.

Next you need to figure out what everything is worth and where it is. This will be the hard part.

For excluded property and personal debt, what you need to know is:

*What was the value of each asset on the date you began to live together or got married, whichever was first?

*For property acquired during the relationship, when did you acquire each asset and what was it worth when you received it?

*What did you do with your property during your relationship? Is it still around? Did you sell it and buy something else?

*Do you still have any debts from before your relationship started? If so, how much did you owe on the date you began to live together or got married, whichever was first?

*Have you incurred any new debt after the date of your separation? Did you add to any debts incurred during your relationship after separation? If so, how much new debt have you racked up?

For family property and family debt, you need to know:

*What is the value of each asset now?

*Is there any property that was bought after separation with family property? If so, what is the value of those assets?

*What are the debts owed by you, by your spouse or by both of you, and how much is owing now?

*If new debt was incurred after the date of separation, was any of it incurred to pay for family property? It so, how much new debt was spent on family property?

Now that you've got the numbers worked out, you have to think about whether an ''equal division'' of family property and family debt would be "significantly unfair", bearing in mind the factors listed in s. 95(2). If it wouldn't be significantly unfair, then split the family property and family debt equally and go on with your life. If it would be significantly unfair, then you've got to figure out what a fair split looks like and I wish you the best of luck sorting this out in a speedy manner.

Finally, you have to think about whether there's a reason to share in some or all of the ''excluded property''. Excluded property can be divided if there's property outside of British Columbia that ought to be family property but can't easily be divided or if it would be "significantly unfair" not to share excluded property bearing in mind the factors listed in s. 96(b). If there's no reason to share excluded property, carry on. If it there is a reason to share that property, then you've got to figure out what a fair division looks like; good luck.