Property and Debt in Family Law Matters: Difference between revisions
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Property and Debt in Family Law Matters (view source)
Revision as of 23:24, 18 April 2013
, 18 April 2013→Family property, excluded property and family debt
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The ''[[Family Law Act]]'' talks about three things when it comes to dividing property and debt: ''family property'', ''excluded property'', and ''family debt''. | The ''[[Family Law Act]]'' talks about three things when it comes to dividing property and debt: ''family property'', ''excluded property'', and ''family debt''. | ||
All property owned by either or both spouses at the date of separation is ''family property''. This includes things like real property, bank accounts, pensions, business, debts owing to a spouse and so forth. Family property is presumed to be shared equally between spouses, regardless of their use of or contribution to that property. | All property owned by either or both spouses at the date of separation is ''family property''. This includes things like real property, bank accounts, pensions, business, debts owing to a spouse, and so forth. Family property is presumed to be shared equally between spouses, regardless of their use of or contribution to that property. | ||
''Excluded property'' is any property that is excluded from the pool of family property to be split between spouses. This includes the property a spouse acquired before the date of marriage or the date the spouses began living together, whichever is earlier, plus certain property acquired during the spouses' relationship, including: | ''Excluded property'' is any property that is excluded from the pool of family property to be split between spouses. This includes the property a spouse acquired before the date of marriage or the date the spouses began living together, whichever is earlier, plus certain property acquired during the spouses' relationship, including: | ||