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Difference between revisions of "Family Law Act Basics"
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Spouses can make agreements and the court can make orders about how pensions and assets that are like pensions are divided. Only the Supreme Court can make orders about the division of pensions. | Spouses can make agreements and the court can make orders about how pensions and assets that are like pensions are divided. Only the Supreme Court can make orders about the division of pensions. | ||
==== | ====RRSP accounts==== | ||
RRSPs are family property. If RRSPs are divided, the federal ''[http://canlii.ca/t/7vb7 Income Tax Act]'' allows them to be equalized without any taxes being paid. | RRSPs are family property. If RRSPs are divided, the federal ''[http://canlii.ca/t/7vb7 Income Tax Act]'' allows them to be equalized without any taxes being paid. | ||
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====Canada Pension Plan credits==== | ====Canada Pension Plan credits==== | ||
Spouses are entitled to equalize the CPP credits they each accumulated between the date they began living together or got married and the date of their separation or divorce. | Spouses are entitled to equalize the CPP credits they each accumulated between the date they began living together or got married and the date of their separation or divorce. Agreements and orders about the equalization of CPP credits are carried out by the people who administer the Canada Pension Plan in Ottawa. | ||
British Columbia is one of a handful of provinces that let people decide ''not'' to divide their CPP credits. To do this, very specific language must be used and it's best to consult a lawyer to make sure you get it exactly right. | |||
=== | ===How is foreign property divided?=== | ||
Under the ''[[Family Law Act]]'', the court can make orders about family property that is located outside of British Columbia, including about the: | Under the ''[[Family Law Act]]'', the court can make orders about family property that is located outside of British Columbia, including about the: | ||
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*right to own the property. | *right to own the property. | ||
The court can decide to divide property or family debt inside British Columbia to compensate for property outside of British Columbia, instead of trying to divide it. | The court can decide to divide property or family debt inside British Columbia to compensate for property outside of British Columbia, instead of trying to divide it. The court can also divide excluded property between spouses if it can’t divide property outside of British Columbia. | ||
=== | ===What about children’s property?=== | ||
Children sometimes get large amounts of money or property from inheritances, insurance policies, or court awards. Under the ''[[Family Law Act]]'', a child’s guardians are not automatically the trustees of the child’s property, except for property with a value of less than $10,000. | Children sometimes get large amounts of money or property from inheritances, insurance policies, or court awards. Under the ''[[Family Law Act]]'', a child’s guardians are not automatically the trustees of the child’s property, except for property with a value of less than $10,000. | ||
