Property division in BC is done under the Family Law Act. Generally, property is divided equally unless you can claim that part of your property is “excluded”. In simple terms, excluded property is:
- Property that you have brought into the marriage or relationship that still exists at separation or can be traced into another asset
- A gift or inheritance received during the relationship that still exists at separation or can be traced into another asset
- Property that is acquired after separation and was not acquired with property acquired during the marriage or relationship
If you have excluded property, then the Family Law Act says that your spouse will only be entitled to 50% of the growth on that property.
Property is valued at the time of trial or settlement.
A court can deviate from the equal division only in cases where an equal division would be “significantly unfair”. This is a very high threshold test.