Difference between revisions of "Property and Debt in Family Law Matters"

When a piece of property is to be transferred between spouses according to a separation agreement or court order, the parties should consult the [https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/property-transfer-tax/forms-publications/ptt-003-property-transfer-tax-exemptions.pdf Ministry of Finance's ''Tax Bulletin PTT 003''] and use the province's [https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/property-transfer-tax/forms-publications/fin-579-manual-property-transfer-tax-return.pdf Manual Property Transfer Tax Form] to seek a tax exemption. Enter code 15 to take advantage of the tax-free status of transfers between spouses made pursuant to family agreements and court orders. This form is normally completed during the process of transferring title to the property at the Land Title and Survey Authority, and no tax will be payable on the transfer. Attach a copy of the signed separation agreement or court order or divorce decree to the return.

* [http://www.clicklaw.bc.ca/resource/1240 Dial-A-Law Script "Dividing Property and Debts"]

* [http://www.clicklaw.bc.ca/resource/1529 Justice Education Society's handbook ''Parenting After Separation: Finances'']

* [http://www.clicklaw.bc.ca/resource/4656 Legal Services Society’s Family Law website's information page "Property & debt"]

** See "Dividing property and debts"