Divorce is a messy affair that brings a great deal of turmoil in life. One hand it brings emotional disturbance and on the other hand one has to deal with the hard issues of life. Property division is one such thing that needs a lot of careful attention and study from the two spouses who are getting divorced.
Dividing property during divorce
With the change of territory and province there would be changes in the law as well. Canada considers a marital relationship to be partnership which should give equal share to both the partners.
And therefore, the law considers that both partners have to get equal share of the property irrespective of the fact whether one has been the earning member and the other has been looking after the house and family only.
The general rules
- The property has to get equally divided between the two spouses.
- Any property that is brought into the marriage can be retained by the person who brought it, but, any appreciation would get divided between the both of them.
- Any inherited property would not be shared by both the partners, but any interest accrued on this property would certainly get shared.
- If you have received any money from any of your relatives who has passed away and it is the insurance money, should be divided between the two divorcing spouses.
- If there is a family debt then both the spouses are supposed to clear it off equally, irrespective of the fact who is responsible for this debt or who used the debt. Any debt required to maintain the family property should also be shared by both the spouses.
- Family property which will include interests in companies, any kind of partnership or business or even businesses should be shared between the two partners.
- Money owned by a spouse, personally, through a bank account or even RRSP or pensions and interest earned on any kind of investment also should be shared by both the spouses.
Moving about the division
It is always advisable that one hires a lawyer who is an expert in the matter. There are certain possessions that could not be considered during divorce and there would be many which need to be considered. All this would be done only after every single bit of property if listed down for a better clarity.
There are times when people transfer their property to a third party so that it is excluded from the list and does not get shared. In such cases the court can make a decision of either stopping the transfer or even reverting it back.
Property division is an important step during getting divorced. When needs to know the basic rules for getting a fair share of the property which belongs to both the spouses. Law ensures at every step that no one gets a chance to hide or conceal any information that makes the judgement of division an unfair one.