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Difference between revisions of "Assets of Couples (3:IX)"
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→2. Family Law Act [FLA]
Desy Wahyuni (talk | contribs) |
Desy Wahyuni (talk | contribs) |
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Section 85 (1) of the FLA reads as follows: | Section 85 (1) of the FLA reads as follows: | ||
<blockquote><tt> | |||
The following is excluded from family property: | |||
(a) property acquired by a spouse before the relationship between the spouses began; | |||
(b) inheritances to a spouse; | |||
(b.1) gifts to a spouse from a third party; | |||
(c) a settlement or an award of damages to a spouse as compensation for injury or loss, unless the settlement or award represents compensation for | |||
* (i) loss to both spouses, or | |||
* (ii) lost income of a spouse; | |||
* | (d) money paid or payable under an insurance policy, other than a policy respecting property, except any portion that represents compensation for | ||
* | * (i) loss to both spouses, or | ||
* (ii) lost income of a spouse; | |||
* | (e) property referred to in any of paragraphs (a) to (d) that is held in trust for the benefit of a spouse; | ||
* | (f) a spouse's beneficial interest in property held in a discretionary trust | ||
(i) to which the spouse did not contribute, and | |||
(ii) that is settled by a person other than the spouse; | |||
(g) property derived from property or the disposition of property referred to in any of paragraphs (a) to (f). | |||
</tt></blockquote> | |||
Any increases in the value of the excluded property that occur during the relationship are considered family property and are not excluded from division. The spouse claiming that the property in question qualifies as excluded property is responsible for demonstrating that it fits the definition under s 85(1) ([http://canlii.ca/t/g0d8k ''Bressette v Henderson'', 2013 BCSC 1661]). | Any increases in the value of the excluded property that occur during the relationship are considered family property and are not excluded from division. The spouse claiming that the property in question qualifies as excluded property is responsible for demonstrating that it fits the definition under s 85(1) ([http://canlii.ca/t/g0d8k ''Bressette v Henderson'', 2013 BCSC 1661]). | ||
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Family property is defined at s 84(1): | Family property is defined at s 84(1): | ||
<blockquote><tt> | |||
(a) on the date the spouses separate, | |||
* | * (i) property that is owned by at least one spouse, or | ||
* | * (ii) a beneficial interest of at least one spouse in property; | ||
(b) after separation, | |||
* | * (i) property acquired by at least one spouse if the property is derived from property referred to in paragraph (a) (i) or from a beneficial interest referred to in paragraph (a) (ii), or from the disposition of either, or | ||
* | * (ii) a beneficial interest acquired by at least one spouse in property if the beneficial interest is derived from property referred to in paragraph (a) (i) or from a beneficial interest referred to in paragraph (a) (ii), or from the disposition of either. | ||
</tt></blockquote> | |||
== C. Types of Assets == | == C. Types of Assets == | ||