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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 18:43, 20 March 2013
, 18:43, 20 March 2013→Dividing Property and Debt under the Family Law Act
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===Property Brought Into the Relationship=== | ===Property Brought Into the Relationship=== | ||
For most couples, property brought into a relationship will form the largest component of a spouse's excluded property. However, when most people move in together counting up their assets is not the foremost thing on their mind. This means that you may wind up | For most couples, property brought into a relationship will form the largest component of a spouse's ''excluded property''. However, when most people marry or move in to live together counting up their assets is not the foremost thing on their mind. This means that you may wind up having to do some historical accounting to figure out what you had one, two or more years ago. Whether you're just starting a relationship or are trying to figure out what you once had, these are the documents you need to look for: | ||
#bank statements for the period which includes the date you began to live together or got married, whichever came first; | #bank statements for the period which includes the date you began to live together or got married, whichever came first; | ||
#RRSP, RIF, LIRA and other retirement account statements for the same period; | #RRSP, RIF, LIRA and other retirement savings account statements for the same period; | ||
#any employee pension statements that cover the date you began to live together or got married; | |||
#mutual fund and other investment account statements for that period; | #mutual fund and other investment account statements for that period; | ||
#any BC Assessment statements for the year which | #any BC Assessment statements for the year in which you began to live together or got married; | ||
#mortgage and line of credit statements for that period which includes the date you began to live together or got married; and, | #mortgage and line of credit statements for that period which includes the date you began to live together or got married; and, | ||
#credit card and loan statements for that period. | #credit card and loan statements for that period. | ||
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It will be a harder to look back in time to figure out the value of things like cars, motorcycles, trailers, boats, snowmobiles and so on. If you're entering a relationship now, it will be helpful to look up the Canadian Black Book or Kelly Blue Book Canada estimated values for vehicles. Boats and trailers may need to be specially valued by a dealer. | It will be a harder to look back in time to figure out the value of things like cars, motorcycles, trailers, boats, snowmobiles and so on. If you're entering a relationship now, it will be helpful to look up the Canadian Black Book or Kelly Blue Book Canada estimated values for vehicles. Boats and trailers may need to be specially valued by a dealer. | ||
===Property | ===Property Acquired During the Relationship=== | ||
In most circumstances, the property either or both spouses acquire during their relationship will be family property, but there are some important exceptions. | |||
====Family Property==== | |||
Under s. 84(1) of the ''Family Law Act'', family property is the property owned by one or both spouses on the date of their separation, including any property bought after separation with | |||
<blockquote><tt>(a) a share or an interest in a corporation;</tt></blockquote> | |||
<blockquote><tt>(b) an interest in a partnership, an association, an organization, a business or a venture;</tt></blockquote> | |||
<blockquote><tt>(c) property owing to a spouse</tt></blockquote> | |||
<blockquote><blockquote><tt>(i) as a refund, including an income tax refund, or</tt></blockquote></blockquote> | |||
<blockquote><blockquote><tt>(ii) in return for the provision of a good or service;</tt></blockquote></blockquote> | |||
<blockquote><tt>(d) money of a spouse in an account with a financial institution;</tt></blockquote> | |||
<blockquote><tt>(e) a spouse's entitlement under an annuity, a pension, a retirement savings plan or an income plan;</tt></blockquote> | |||
<blockquote><tt>(f) property, other than property to which subsection (3) applies, that a spouse disposes of after the relationship between the spouses began, but over which the spouse retains authority, to be exercised alone or with another person, to require its return or to direct its use or further disposition in any way;</tt></blockquote> | |||
<blockquote><tt>(g) the amount by which the value of excluded property has increased since the later of the date</tt></blockquote> | |||
<blockquote><blockquote><tt>(i) the relationship between the spouses began, or</tt></blockquote></blockquote> | |||
<blockquote><blockquote><tt>(ii) the excluded property was acquired.</tt></blockquote></blockquote> | |||
That's a really broad definition. | |||
====Excluded Property==== | |||
==non-spouses== | ==non-spouses== | ||
