Difference between revisions of "Separation and Separation Agreements"

Separation and Separation Agreements (view source)

4 bytes added , 03:37, 13 May 2021

2,553

edits

@@ Line 75: / Line 75: @@
 * How responsibility for '''family debts''' 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.
+[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.