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Difference between revisions of "Property and Debt in Family Law Matters"
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Property and Debt in Family Law Matters (view source)
Revision as of 23:10, 18 May 2013
, 23:10, 18 May 2013→Family property, excluded property and family debt
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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. | ||
''Excluded property'' is any property that is excluded from the pool of family property to be split between spouses. This includes the property a spouse acquired before the date of marriage or the date the spouses began living together, whichever is earlier, plus certain property acquired during the spouses' relationship, including: | ''Excluded property'' is any property that is excluded from the pool of family property to be split between spouses. This includes the property a spouse acquired before the date of marriage or the date the spouses began living together, whichever is earlier, plus certain kinds of property acquired during the spouses' relationship, including: | ||
*property that was bought with the property brought into the relationship, | *property that was bought with the property brought into the relationship, | ||
*inheritances and gifts, and | *inheritances and gifts, and | ||
* | *certain kinds of insurance proceeds and court awards. | ||
Excluded property is presumed to remain the property of the spouse who owns it. | Excluded property is presumed to remain the property of the spouse who owns it. | ||