Family Property and Debt Division Lawyers

 

Protect your financial interests with a customized legal approach that functions proactively. Make sure assets are divided reasonably and fairly.

Family Law Services
Family Property & Debt Division

Serving Vancouver and Langley

What happens to your assets? Protect your financial interests with thoughtful negotiation and a legal approach that’s customized to your exact needs. Acting proactively is essential to making sure assets are divided fairly.

Family Property & Debt Division

Family Property & Debt Division

When spouses separate, shared property and debts are typically divided equally. Not sure what’s considered family property and family debt?

What Counts as Family Property

Family property includes all property owned by a spouse at the time of separation, including any traceable properties acquired after separation, unless otherwise excluded under the Family Law Act. Common exclusions include property brought into the relationship by one spouse before cohabitation or marriage, as well as certain gifts and inheritances.

What Counts as Family Debt

Family debt includes all financial obligations incurred by a spouse during the relationship that exist at the time of separation, as well as debt incurred by a spouse after separation for the purpose of maintaining family property.

When Unequal Division May Apply

The law accommodates unequal division of family property and family debt in cases where it would be significantly unfair not to do so.

Frequently asked questions about Family Property & Debt Division
Family Property & Debt Division

Frequently Asked Questions

No. Common law couples (parties living together in a marriage-like relationship for a period of at least 2 years) and married couples are subject to the same property division rights and obligations under the Family Law Act.

No. Your rights remain the same. However, moving out may increase the risk of your spouse obtaining an exclusive occupation order. This would prevent you from re-entering the family home without their consent.

Both spouses are subject to mandatory financial disclosure obligations. Hidden assets will be identified through a number of procedural remedies through the litigation process, including document disclosure orders , examinations for discovery, in some extreme cases, forensic accounting reports or an imputation of assets to the impugned spouse for unequal division in favor of the innocent party.

You will need your spouse’s consent or a court order to sell any jointly-owned assets during a divorce proceeding. You may sell assets held solely in your name, but this may increase the risk of your spouse obtaining an asset restraining order against you for dissipating the assets to defeat his/her claims. We strongly encourage you to speak with a family lawyer before disposing of any assets during the divorce process.

Get in Touch

Dividing family property and debt can quickly become complicated, especially when homes, savings, pensions, businesses, or shared liabilities are involved. At England & Lam Family Law, we help clients understand their rights and obligations under family law and work toward practical, fair resolutions. Whether you’re negotiating an agreement or dealing with a dispute over asset and debt division, our team is here to help you move forward with confidence.

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