Difference between revisions of "Basic Principles of Property and Debt in Family Law"

Basic Principles of Property and Debt in Family Law (view source)

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 ==Introduction==
-The basic plan for the division of property and debt under the provincial ''Family Relations Act'' is pretty straightforward. ''Keep what you bring into the relationship and you split what you get during the relationship.'' Of course it's a lot more complicated than this, but this is the basic concept that the act is built on.
+The basic plan for the division of property and debt under the provincial ''Family Law Act'' is pretty straightforward. ''Keep what you bring into the relationship and you split what you get during the relationship.'' Of course it's a lot more complicated than this, but this is the basic concept that the act is built on.
 Part 5 of the ''Family Law Act'' deals with the division of property and debt, and provides the definitions of ''family property'' and ''family debt'', the things that are presumed to be shared between spouses, and ''excluded property'' which is presumed to remain the property of the spouse who owns it. Part 6 talks about the division of pensions between spouses and says which portion of a pension is supposed to be shared and which parts remember the property of the pension member. This page looks into the nooks and crannies of Part 5 in some detail but it doesn't say much about pensions because the division of pensions can be extremely complicated. For information about that, you should speak to a family law lawyer.