Property and Debt in Family Law Matters: Difference between revisions
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===Family property, excluded property and family debt=== | ===Family property, excluded property and family debt=== | ||
The ''[[Family Law Act]]'' talks about three things when it comes to dividing property and debt | The ''[[Family Law Act]]'' talks about three things when it comes to dividing property and debt: ''family property'', ''excluded property'' and ''family debt''. | ||
All property owned by either or both spouses at the date of separation is ''family property''. This includes things like real property, bank accounts, pensions, business, debts owing to a spouse and so forth. Family property is presumed to be shared equally between spouses, regardless of their use of or contribution to that property. | All property owned by either or both spouses at the date of separation is ''family property''. This includes things like real property, bank accounts, pensions, business, debts owing to a spouse and so forth. Family property is presumed to be shared equally between spouses, regardless of their use of or contribution to that property. | ||
