Difference between revisions of "Dividing Property and Debts"
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{{REVIEWEDPLS | reviewer = | {{REVIEWEDPLS | reviewer = Samantha Rapoport, Brown Henderson Melbye|date= March 2020}} {{Dial-A-Law TOC|expanded = divorce}} | ||
When a relationship ends, spouses often have to deal with their property and debt. They have to figure out who gets what and who pays for which debts. Learn what the law says about property and debt division when spouses separate. | When a relationship ends, spouses often have to deal with their property and debt. They have to figure out who gets what and who pays for which debts. Learn what the law says about property and debt division when spouses separate. | ||
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===There are property and debt division rules=== | ===There are property and debt division rules=== | ||
In BC, [https://www.canlii.org/en/bc/laws/stat/sbc-2011-c-25/latest/sbc-2011-c-25.html# | In BC, the [https://www.canlii.org/en/bc/laws/stat/sbc-2011-c-25/latest/sbc-2011-c-25.html#part5 ''Family Law Act''] sets out rules for dealing with property and debt when a couple separates. These rules apply to people who meet this definition of '''spouse''': | ||
* they are married, or | * they are married, or | ||
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Spouses can decide to share their excluded property when they separate. They can make an agreement that it will be treated like family property. They can agree that it will be divided between them. This agreement can be made during, or at the beginning or end, of their relationship. | Spouses can decide to share their excluded property when they separate. They can make an agreement that it will be treated like family property. They can agree that it will be divided between them. This agreement can be made during, or at the beginning or end, of their relationship. | ||
If one spouse wants to divide excluded property and the other doesn’t, a court can decide to do so. That is, the law says that a spouse can keep their excluded property. But a court | If one spouse wants to divide excluded property and the other doesn’t, a court can decide to do so. That is, the law says that a spouse can keep their excluded property. But a court can divide excluded property to make sure each spouse gets what’s fair. Excluded property can be divided if: | ||
* family property or family debt '''outside''' British Columbia can’t be divided, or | * family property or family debt '''outside''' British Columbia can’t be divided, or | ||
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===Are RRSPs and pensions family property?=== | ===Are RRSPs and pensions family property?=== | ||
Yes. Any | Yes. Any registered retirement savings plans (RRSPs) or benefits in a pension plan that each spouse built up during the relationship is family property. The law has special rules for dividing most kinds of pension plans. There are separate rules for dividing Canada Pension Plan credits and other pensions not found in the ''Family Law Act''. | ||
{| class="wikitable" | {| class="wikitable" | ||
|align="left"|'''Tip''' | |align="left"|'''Tip''' | ||
Dividing pensions is complicated. You should get help from a lawyer with this. In the meantime, the Family Law website from Legal Aid BC has [https:// | Dividing pensions is complicated. You should get help from a lawyer with this. In the meantime, the Family Law website from Legal Aid BC has [https://family.legalaid.bc.ca/finances-support/property-debt/dividing-pensions-and-other-benefits-after-you-separate information about dividing pensions and other benefits]. | ||
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