At Nirwan Law, our property division lawyers will help guide you towards the best possible outcome for a fair division of assets, debt, and property.
Under the BC property division act, your family property and debt is often split equally between you and your former partner unless you can prove significant unfairness of this arrangement. Family property is what accumulates during cohabitation and marriage, not what belongs to each party before or after cohabitation or marriage.
There are certain types of property that are excluded under the BC Family Law Act such as assets that you owned before the marriage, inheritances, gifts, awards, injury settlements and insurance payments for non-property-related damages. It’s important to keep in mind that any increase in value of excluded property that you brought into the marriage could be subject to an equal split with your spouse in the case of separation or divorce.
Unequal division of family property and debt
A spouse may be entitled to more than 50 percent of the family property and less than 50 percent of debts if an equal division would be unfair. Some of the factors that are taken into consideration for an unequal division of family property are agreements made between the two spouses, career contributions, the length of the marriage, the circumstances upon which debt was acquired, whether the debt exceeds property value, devaluation of property value by the spouse, and tax liabilities the from property sale.
While businesses are typically considered to be family property, dividing a business comes with unique challenges. Should a spouse pursue half the value or half of the shares? How is the value of the business determined? What are the tax implications? Property division lawyers can help you answer these questions.
Tax implications are often overlooked when dividing property and debts between spouses at the time of divorce and in the future. Property division lawyers can help you anticipate tax liability in valuations of real estate, businesses, and other investments.
Nirwan Law property division lawyers are dedicated to helping you achieve the best possible outcome in a divorce. We strategize to help you maximize your receipt of family properties such as real estate, businesses, investments, and many other assets.