The institution of British Columbia’s Family Law Act changed how the courts treat marital property division in Duncan.
Now, spouses who live together for more than two years, regardless of whether they are legally married or not, are considered to have equal ownership of all family property, including real estate, investments, and other assets.
If the relationship ends, each spouse is entitled to 50% of the family property—and responsible for 50% of any family debt.
The experienced attorneys at Jennings Family Law have known from the start that this 50/50 division of martial property is not fair or feasible for many of our clients.
Instead, we work within the law to tailor property division agreements that will ensure an optimum financial future for you and your family.
If you live in Duncan and have been married or in a marriage-like relationship, all the assets that became part of your household within the duration of the marriage would be considered family property, or marital property.
This includes the house that you and your partner bought, as well as any other real estate or household purchases, investments, and pensions.
It doesn’t matter if one of you contributed more money—or even all the money. Since both partners made contributions to the household, the law considers that each deserves the same portion of the marital property when the relationship is over.
This is a great policy, theoretically, but in real life it puts many of our clients at a significant disadvantage. You have the right to dispute the court’s recommendation, but it’s up to you to demonstrate why a 50/50 split would be unfair.
At Jennings Family Law, we use our knowledge of BC divorce law to make sure all our clients get a property division agreement that allows them to retain the maximum proportion of assets allowed—and protects them from unnecessary debt payments.
In Duncan, BC law does not consider property that you owned before your marriage, or some gifts, inheritances, or other awards that you acquired during your marriage, to be family property. This includes:
These assets are defined as excluded property under the Family Law Act as long as the other spouse had no financial involvement. For instance, if one spouse receives a settlement after being injured in an accident, that money is excluded property.
If both spouses received compensation for losses after that accident, the amount would be defined as family property.
At Jennings Family Law, we have a deep understanding of BC family law, including the classification of excluded property.
The Family Law Act was the BC government’s attempt to simplify decisions regarding marital property division following a separation or divorce in Duncan.
Instead of trying to calculate the sum of the mortgage payments one spouse made versus the worth of the unpaid childcare and household maintenance performed by the other spouse, the court now assumes that both spouses made equal contributions to the relationship and household, in good faith, and that both enjoyed the benefits. Therefore, both are entitled to an equal portion of the marital property after the relationship ends.
At Jennings Family Law, we understand the complexities of property division under the Family Law Act. Our knowledgeable attorneys can help you navigate the process and advocate for your fair share of the marital property and debt. We strive to ensure that your rights are protected and that you achieve an equitable outcome during this challenging time.
In Duncan, the court realizes that trying to implement a “one size fits all” policy across a widely divergent set of circumstances does not always produce a fair and just outcome, so it makes allowances in situations where an equal marital property division is deemed to be “significantly unfair.”
In reviewing claims of unfair marital property division, judges at Jennings Family Law typically consider the following:
At Jennings Family Law, we understand that each family’s situation is unique, and property division needs to be approached with sensitivity and fairness.
In Duncan, excluded property does not have to be shared after the separation. However, if any of these assets increased in value during the relationship—and hopefully they did— the law requires you to split this gain with your partner.
For example, if you receive a large inheritance from your parents, including their house, investments, and bank account, and you are the sole recipient of this property without putting your spouse’s name on the title, you do not have to split the principal amount after separation. However, your spouse is entitled to half of any appreciation that occurred within the duration of your relationship.
It is not always easy to draw the line between excluded and family property. For instance, if you used your inheritance to buy a house and put both of your names on the title, the status would change from excluded to family property, and would become subject to a 50/50 division.
At Jennings Family Law, we understand the complexities of property division, including the nuances of excluded and family property.
Speak to the divorce lawyer at Jennings Family Law in Duncan, BC for a free case evaluation so that you understand your rights regarding matrimonial assets.
