Yours, mine and ours. That's the way things work in British Columbia when it comes to the division of property in a divorce situation. Assets can include all types of things from motorcycles, vehicles, property and furry family members. A lot of contention is enmeshed with vehicles that both individuals in the relationship might use. To whom do they really belong?
Couples who have been living together without getting formally married have some considerations when they decide to separate. When it comes to the division of property, Alberta common law couples -- those who have been living together for three or more years or less than that if they have a child together -- will soon be governed by laws under the Adult Interdependent Relationship Act (AIRA). The law comes into effect on Jan. 1, 2020.
Couples who are married or who are living together and decide to end their relationships have many issues to consider, and one is how to divide what they jointly own. When couples decide to divorce or to separate and they own property, they must discuss the division of property as part of a divorce settlement or separation agreement. In British Columbia the same rules apply to couples who are married and those who have been in a common law union for two or more years.
When married couples decide to end their partnership, they get a divorce. Specific legislation outlines the rights of each partner when dividing the different aspects of their shared lives.
Dividing property in a divorce or separation can cause stress and concern for many people.
When two people divorce, they must fully and honestly disclose their assets and liabilities. This is necessary to ensure the division of property is fair.
When people divorce, it is not uncommon to fight over matters like property division and child custody. There are specific laws in place to direct parties and courts on how to resolve these issues, but some matters do not fall neatly into one of these categories.
Dividing property can be the most complex and contentious part of a divorce. Not only is there money and property on the line, but the resulting agreement can have a tremendous impact on a person's financial stability after a divorce.
When two people divorce or separate, they are ultimately the ones who will be most affected by the legal settlements they reach. That said, there are other parties who may participate in the process to help each side pursue the desired outcome.
Take a minute and think about all the things you own. You probably start thinking about homes and cars you have, but also think about everything in your home, your garage and any storage facilities you might have. These items can be personal property subject to division in a divorce.