Dividing your property during a divorce is an important step in separating your affairs for the future. The last thing you’ll want to think about is having to ask about accounts or trading information to pay bills later, so this is done at any early stage during your divorce. The rules for dividing properties and debts apply to both married couples and those who have lived in common-law marriages in British Columbia. Both kinds of couples are known as spouses under Canadian law.
Here’s how your property could be divided. By law, family debt and family property must be divided equally. Now, if you had a prenuptial or postnuptial agreement drawn up, then you may divide your assets in accordance to that agreement instead.
Family property is specifically inclusive of anything you and your spouse own. It won’t matter if your spouse’s name is on a loan, for instance; that loan now is split in two, making half of the debt your problem. If the debt was created before you were married, then that debt won’t be included in your family property and isn’t able to be divided. The excluded property generally won’t be split, unless you can show that it grew in value during your marriage.
What could grow in value during your marriage? A savings account that both parties add money to, investments, or other kinds of property all have the potential to become more valuable.
If you do have debts to split, know that creditors can only try to obtain the money for those debts from the person who took on the debts.