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

In other words, all of the debt accumulating from the date the spouses began to live together or got married, whichever is earlier, to the ''date of separation'' is family debt. Family debt includes debt that is incurred ''after separation'' if the debt was incurred for family property, for example when if a spouse takes out a loan to make the mortgage payments on the family home. Since family home family property, the loan is a family debt that both spouses are responsible for.

When a ''triggering event'' happens, all of the family property owned by either or both spouses becomes equally owned by both spouses as ''tenants in common''. If only one spouse owns an asset, both of the spouses become equal owners of the asset as tenants in common. If both spouses own an asset as joint tenants, the joint tenancy is severed and both of the spouses become equal owners of the asset as tenants in common.