Included and Excluded Family Assets
Identifying Included And Excluded Family Assets
In order to determine a fair division of assets, it is important for you to understand what items are included as “family assets” and what items will not factor into the separation. Many couples may not be clear on what qualifies as a shared asset. This can create confusion, frustration and false expectations when dividing property.
At Henderson Heinrichs LLP, we provide our clients with clarity on what constitutes family property. Based in Vancouver, we assist married couples and common-law couples in determining what assets each will walk away with after ending their relationship.
What Is Excluded Property?
Excluded property usually covers the property a person owned before the relationship started, such as personal property like cars or art. Gifts and inheritances given to one person during the relationship can also fall under excluded property, as well as any receiving judicial damages, insurance money or trust accounts.
However, while the property itself may be excluded, any increase in the value of the property over the course of the relationship may be included depending on the circumstances.
Helping You Make Informed Choices
Just because one party says an asset is excluded, doesn’t make it so. Our firm prides itself on making the laws clear to you, so you understand how it applies to your situation. Determining your needs will allow us to provide you with a realistic assessment of your case and the potential outcomes you can expect to see.
We will inform you of any potential challenges and risks involved with the positions you choose to take. Our goal is to make sure you understand what you are fighting for and to provide legal support to steer you in that direction.
Contact Henderson Heinrichs LLP
Find out how our family lawyers can assist you with a fair and reasonable division of your property. Arrange a free half-hour consultation using our online enquiry form, or call our firm at 1-844-669-3500.