Asset/Debt Issues

For people coming together or separating, our provincial statute, the Family Law Act, governs all issues relating to assets and debts, such as:

Assets                                                                Debts

Deposit accounts                                            Credit Accounts

Real Estate                                                       Credit cards

Pensions                                                           Mortgages

Business interests                                           Loans

Investments                                                     Income Tax

Insurance policies                                           Repair costs

Trusts                                                                Overdrafts

RRSPs/RESPs

Under the Family Law Act, generally speaking, everything you and your partner/spouse own/owe together or separately on the date of separation, is to be equally divided, unless it is excluded property/debt.  Excluded property and debt is, generally speaking, that which you owned/owe prior to cohabitation and/or marriage or received as a gift/inheritance.  There are exceptions to this rule and recent case law that further defines these exceptions.  We at Jamal Law Group can analyze your situation and give you an opinion on your situation.

The Family Law Act also deals with a the property of a child, including delivery of a child’s property and appointing a trustee over the child’s property.  Property issues can be dealt with via agreement or court order in the Supreme Court of BC.

If you want to know more about your rights and obligations respecting assets and debts or to obtain an opinion, please contact us here