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Difference between revisions of "Dividing Property and Debt in Family Law Matters"
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Dividing Property and Debt in Family Law Matters (view source)
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==Introduction== | ==Introduction== | ||
Whether you're able to settle how property and debt are going to be shared by agreement or if you're going to need a court order, it's important to understand how the ''[[Family Law Act]]'' works. If you're going to start a court proceeding, the court will be required to divide property using the rules set out in the Act; if you're going to be able to settle your property issues, the Act will be used to measure the fairness of your agreement if either of you ever tries to get out of the agreement in the future. | Whether you're able to settle how property and debt are going to be shared by agreement, or if you're going to need a court order, it's important to understand how the ''[[Family Law Act]]'' works. If you're going to start a court proceeding, the court will be required to divide property using the rules set out in the Act; if you're going to be able to settle your property issues, the Act will be used to measure the fairness of your agreement if either of you ever tries to get out of the agreement in the future. | ||
===How the ''Family Law Act'' divides property and debt=== | ===How the ''Family Law Act'' divides property and debt=== | ||
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<blockquote>To divide property and debt under the ''Family Law Act'', you first have to figure out whether you're a "spouse" as defined by s. 3(1)(a) or 3(1)(b)(i). You must either be married or have lived with your partner in a marriage-like relationship for at least two years.</blockquote> | <blockquote>To divide property and debt under the ''Family Law Act'', you first have to figure out whether you're a "spouse" as defined by s. 3(1)(a) or 3(1)(b)(i). You must either be married or have lived with your partner in a marriage-like relationship for at least two years.</blockquote> | ||
If you're not a spouse, ''stop'' and read the discussion in the introductory section of this chapter, [[Property & Debt in Family Law Matters#Property claims and people who aren't spouses|Property & Debt]], about the property rights of people who aren't spouses. People who don't qualify as spouses are entitled to share in property that they both own and may have an interest in property only one of them owns under the common law relating to trusts and equity. | If you're not a spouse, ''stop'' and read the discussion in the introductory section of this chapter, [[Property & Debt in Family Law Matters#Property claims and people who aren't spouses|Property & Debt]], about the property rights of people who aren't spouses. People who don't qualify as spouses are entitled to share in property that they both own, and may have an interest in property only one of them owns under the common law relating to trusts and equity. | ||
'''Step Two''' | '''Step Two''' | ||
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<blockquote>Now you have to start sorting what you have into ''family property'' and ''family debt'', and ''excluded property'' and ''personal debt''. Start from the assumption that everything you have is family property and family debt and then work backwards.</blockquote> | <blockquote>Now you have to start sorting what you have into ''family property'' and ''family debt'', and ''excluded property'' and ''personal debt''. Start from the assumption that everything you have is family property and family debt and then work backwards.</blockquote> | ||
<blockquote>Property and debt that you got ''after you separated'' is generally the separate property of each spouse, with two main exceptions:</blockquote> | <blockquote>Property and debt that you got ''after you separated'' is generally the separate property or separate obligation of each spouse, with two main exceptions:</blockquote> | ||
::*property bought after separation with family property is also family property, and | ::*property bought after separation with family property is also family property, and | ||
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::*inheritances, | ::*inheritances, | ||
::*gifts, | ::*gifts from a third party, | ||
::*certain court awards, | ::*certain court awards, | ||
::*certain insurance payments. | ::*certain insurance payments, and | ||
::*certain trust property. | |||
<blockquote>Property and debt that you got ''before your relationship'' is generally excluded property that only you will keep and personal debt that only you will be responsible for.</blockquote> | <blockquote>Property and debt that you got ''before your relationship'' is generally excluded property that only you will keep and personal debt that only you will be responsible for.</blockquote> | ||
