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→Married spouses and unmarried spouses
==Married spouses and unmarried spouses==
===Presumption of shared property===
Married spouses and unmarried couples who have lived together for at least two years are presumed to have a one-half interest in all property either or both of them acquired after the date the couple married or began to live together, whichever came first.
*the value of the property owned by each spouse on the date the couple married or began to live together, whichever came first,
*trusts to which the spouse did not contribute and which the spouse does not control.
===Agreements===
If you want to do better than this, you'll have to sign a marriage agreement or a cohabitation agreement at some point before or shortly after you marry or begin to live together. To ensure that agreement is enforceable, it is best practice to ensure both you and your spouse receive independent legal advice (ILA), and that you update the agreement any time you begin to depart from the terms of the agreement (for example, if you agreed to terms that assume no children, but you and your spouse later have kids).
===Practical tips for managing assets in a relationship===
If you don't want to spend the money getting an agreement drawn up, here are some other things that can help:
*Keep an eye on the debts your spouse incurs during the relationship.
===Recent changes to law===
In May 2023, the BC Government made updates to the ''[[Family Law Act]]'' that were intended to clarify how spouses can prove and trace their separate (excluded) property over time. For example, if you brought a home or bank account into the relationship and later added your spouse’s name as a joint owner, that does not automatically mean your spouse is entitled to half. The judge will look at your intention at the time and whether you intended to gift that property to your spouse.
You can find out more about how married spouses and unmarried spouses divide property and debt in the chapter [[Property and Debt in Family Law Matters]].