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Difference between revisions of "Dividing Property and Debt in Family Law Matters"
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Dividing Property and Debt in Family Law Matters (view source)
Revision as of 19:43, 27 June 2019
, 19:43, 27 June 2019→Dividing property and debt under the Family Law Act
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<blockquote>there may be a problem. If another court can make an order, you then have to figure out under s. 106 whether the courts of British Columbia should be dealing with your proceeding at all.</blockquote> | <blockquote>there may be a problem. If another court can make an order, you then have to figure out under s. 106 whether the courts of British Columbia should be dealing with your proceeding at all.</blockquote> | ||
If your case is better dealt with by another court, ''stop'' because you'll need to start a court proceeding there. If not, you can continue here. | If your case is better dealt with by another court, ''stop'', because you'll need to start a court proceeding there. If not, you can continue here. | ||
'''Step Five''' | '''Step Five''' | ||
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<blockquote>Property and debt that you got ''after you separated'' is generally the separate property or separate obligation of each spouse, with two main exceptions:</blockquote> | <blockquote>Property and debt that you got ''after you separated'' is generally the separate property or separate obligation of each spouse, with two main exceptions:</blockquote> | ||
::*property bought after separation with family property is also family property (i.e. if the source of the funds used to buy the property can be traced back to family property) , and | ::*property bought after separation with family property is also family property (i.e. if the source of the funds used to buy the property can be traced back to family property), and | ||
::*debt incurred after separation to maintain family property is family debt. | ::*debt incurred after separation to maintain family property is family debt. | ||
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::*What was the value of each asset on the date immediately before you began to live together or got married, whichever came first? | ::*What was the value of each asset on the date immediately before you began to live together or got married, whichever came first? | ||
::*For property acquired during the relationship, when did you acquire each asset and what was it worth when you received it? | ::*For property acquired during the relationship, when did you acquire each asset and what was it worth when you received it? | ||
::*Was it a gift to you or you and your spouse together? | ::*Was it a gift to you, or you and your spouse together? | ||
::*What did you do with your property during your relationship? Is it still around? Did you sell it and buy something else? | ::*What did you do with your property during your relationship? Is it still around? Did you sell it and buy something else? | ||
::*Did you gift it to your spouse? | ::*Did you gift it to your spouse? | ||
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::*Is there any property that was bought after separation with family property? If so, what is the value of those assets? | ::*Is there any property that was bought after separation with family property? If so, what is the value of those assets? | ||
::*What are the debts owed by you, by your spouse, or by both of you, and how much is owing now? | ::*What are the debts owed by you, by your spouse, or by both of you, and how much is owing now? | ||
::*If new debt was incurred after the date of separation, was any of it incurred to pay for family property? | ::*If new debt was incurred after the date of separation, was any of it incurred to pay for family property? If so, how much new debt was incurred paying for family property? | ||
'''Step Seven''' | '''Step Seven''' | ||
<blockquote>Now that you've got the numbers worked out, you may want to think about whether an ''equal division'' of family property and family debt would be "significantly unfair," bearing in mind the factors listed in s. 95(2), which includes but is not limited to the duration of relationship and whether a spouse, after the date of separation, caused a significant decrease or increase in the value of the family property or family debt beyond market forces. If it wouldn't be significantly unfair, then split the family property and family debt equally and go on with your life. If it would be significantly unfair, then you've got to figure out what a fair split looks like and I wish you the best of luck sorting this out in a speedy manner.</blockquote> | <blockquote>Now that you've got the numbers worked out, you may want to think about whether an ''equal division'' of family property and family debt would be "significantly unfair," bearing in mind the factors listed in s. 95(2), which includes, but is not limited to, the duration of the relationship and whether a spouse, after the date of separation, caused a significant decrease or increase in the value of the family property or family debt beyond market forces. If it wouldn't be significantly unfair, then split the family property and family debt equally and go on with your life. If it would be significantly unfair, then you've got to figure out what a fair split looks like and I wish you the best of luck sorting this out in a speedy manner.</blockquote> | ||
<blockquote>Finally, you may also want to think about whether there's a reason to share in some or all of the ''excluded property''. Excluded property can be divided if there's property outside of British Columbia that ought to be family property but can't easily be divided, or if it would be "significantly unfair" not to share excluded property, bearing in mind the factors listed in s. 96(b). If there's no reason to share excluded property, carry on. If | <blockquote>Finally, you may also want to think about whether there's a reason to share in some or all of the ''excluded property''. Excluded property can be divided if there's property outside of British Columbia that ought to be family property but can't easily be divided, or if it would be "significantly unfair" not to share excluded property, bearing in mind the factors listed in s. 96(b). If there's no reason to share excluded property, carry on. If there is a reason to share that property, then you've got to figure out what a fair division looks like.</blockquote> | ||
==Orders for the division of property and debt== | ==Orders for the division of property and debt== | ||
