How Assets Are Divided When You Divorce
Divorce is difficult, expensive and can be a lengthy process. One way to reduce costs and time is by understanding how assets are divided when you divorce. Lawyers will discuss these 6 main areas when they assist you through your divorce proceedings.
Equal Division Principle:
In British Columbia, the primary rule for asset division is equality. Any assets and debts acquired during the marriage are typically shared equally between both spouses. This includes properties, investments, personal items, and even debts like mortgages or loans.
Assets or debts that belonged to either spouse before the marriage are generally excluded from the equal division rule. So, if you had it before, you’ll likely keep it.
Family property refers to assets acquired during the marriage, regardless of whose name is on the ownership documents. This can include your home, vehicles, and jointly acquired items. They’re usually split equally.
Certain assets may not be equally divided. Gifts or inheritances received by one spouse during the marriage, meant for their use only, are often exempt from equal division.
Spousal Support Considerations:
Sometimes, the court may order spousal support payments, which can affect asset division. In some cases, one spouse may receive a larger share of assets to balance lower earning capacity.
Negotiation and Mediation:
Many divorcing couples opt for negotiation or mediation to agree on asset division. This approach provides more control over the process.
The division of assets during a divorce in British Columbia is guided by the equality principle. Yet, each divorce is unique, and the court takes children’s best interests into account. Seek legal advice, from a Family Lawyer at Wishart Brain and Spine Law, who will consider the best settlement options to ensure a fair and balanced outcome for your family.