Dividing family property and debt is rarely simple. Because property division often involves business, tax, or financial issues, we work with trusted experts such as business valuators, appraisers, forensic accountants, and financial planners to ensure your interests are fully protected.
Family property includes all property owned by either spouse unless the property qualifies as excluded property. Family property is determined as of the date of separation. As a general rule, family debt is all debt incurred during the relationship, as well as debt incurred after separation to maintain family property.
In British Columbia, both married spouses and unmarried spouses (often called “common-law” spouses) are, upon separation, entitled to share in family property and responsibility for family debt. An “unmarried spouse” is someone who has lived with their partner in a marriage-like relationship for at least two years.
Family property and debt are usually divided equally. However, a court may order an unequal division if that would be significantly unfair. In deciding this, the court can consider the factors set out in section 95 of the Family Law Act.
Family property is determined as of the date of separation. Family property includes all property owned by either spouse unless the property qualifies as excluded property. As a general rule, family debt is all debt incurred during the relationship, as well as debt incurred after the date of separation if that debt is incurred for the purpose of maintaining family property.
Not everything is divided as family property. Some assets are considered excluded property, such as assets owned before the relationship, gifts or inheritances received during the relationship, and certain court awards or settlements. Only the original value of excluded property is excluded. Any increase in its value during the relationship is generally divided as family property.
