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Difference between revisions of "Separation and Separation Agreements"
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Separation and Separation Agreements (view source)
Revision as of 01:01, 27 April 2021
, 01:01, 27 April 2021→A separation agreement can deal with property and debt
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* How '''family property''' (property acquired during the relationship) will be divided. | * How '''family property''' (property acquired during the relationship) will be divided. | ||
* How responsibility for '''family debt''' | * How responsibility for '''family debt's'' will be shared. | ||
[ | [https://www.canlii.org/en/bc/laws/stat/sbc-2011-c-25/latest/sbc-2011-c-25.html#sec84_smooth The ''''Family Law Act'''' provides guidelines] on what assets are considered family property and what debts are considered family debt. It also sets out the rules for how to divide that family property and debt. Basically, when a couple separates, each spouse has a right to equally share in property they acquired together. Each spouse also gets a share of the increase in value of any property that either brought into the relationship. The law calls this increase family property as well. | ||
The Act also sets out how to handle '''excluded property''' (assets that are '''not''' family property). This can be complicated — if you have a lot of assets, you should get help from a lawyer. | The Act also sets out how to handle '''excluded property''' (assets that are '''not''' family property). This can be complicated — if you have a lot of assets, you should get help from a lawyer. | ||
