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What assets may be considered non-family assets in a divorce?

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Tuesday, May 19, 2015.

Non-family assets are the items that will be split between spouses. Those may be things like a shared family home in both people’s names or savings accounts that are shared. pensions, RRSPs, business ventures and other items could also be identified as family assets.

There are some items that will not be considered family assets. Because they aren’t, the assets are very unlikely to be split between the people divorcing and will go to the original owner. Things that may fall into this category include assets you owned before you got married, assets you gained after separating from your spouse, personal injury settlements and court awards, gifts you received from your spouse, business assets, and inheritances.

To determine if an asset is a family asset or not, you need to decide if it was ordinarily used or intended to be used for the family. In court, it’s up to you to prove that an asset isn’t a family asset; if you don’t take the time to defend your right to those assets, then you will likely have to split them with your ex-spouse. This is because Canadian laws recognize all assets as shared family assets unless proven otherwise.

Things that were once considered solo assets could become family assets over time, which is something to consider. For example, if you receive an inheritance and keep it in a private account, it stays in your possession. However, if you share the account and use it for shared purposes, then it could be considered a family asset and result in you having to share it in a divorce.

Source: Law Courts Education Society of BC, “Property and Asset Division,” accessed May. 19, 2015

Real Estate Lawyer Coquitlam BC

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
www.laughlinlaw.ca/

How separating couples divide debt in British Columbia

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Thursday, April 23, 2015.

Whether or not you want to, the fact of any ending relationship is that if you have debt, you need to deal with it. Not taking the time to review shared debts or whose name is in debt can lead to bills not getting paid, and this can ruin your credit rating.

If you’ve been living together with your significant other in a marriage-like situation, then you are going to be held to the same standards for debts after you separate as married people would be during a divorce.

In British Columbia, the law treats those who have lived together for two years or longer exactly the same as someone who is married. Your debts are going to be shared equally, no matter whose name they’re in. The family property also is shared equally, so if you had a home together, be prepared to split up your assets.

When you’re living together, you can make an agreement that will allow you to divide your debts unequally. This agreement works similarly to a prenuptial or post-nuptial agreement, which prevents you from taking on certain debts that are created during your relationship or those brought into your relationship.

People who you owe money to, like your creditors, can normally only collect debts from the person who signed for the debt, so in cases where you have private credit cards or loans, you’ll need to pay those back. However, if you signed a lease for an apartment with both of your names, then you can be held jointly responsible and will need to sort out the debt one way or the other.

Source: Legal Services Society, “Dealing with debts after separation (for married and common-law couples),” accessed April. 23, 2015

Real Estate Lawyers Coquitlam BC

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
www.laughlinlaw.ca

Home ownership and divorce in British Columbia

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, April 1, 2015.

Couples who are preparing to divorce in British Columbia will be required to divide their marital property. In many cases, the couple will have purchased a home. There are several important considerations regarding how to handle the home in a property division.

In some cases, one of the spouses will want to keep the home. Those who are in this position will need to think about whether or not they can truly afford to do so on their own. If there is equity built up in the home, they will most likely be required to buy out the other spouse’s share. If the home is in both spouses’ names, then the person keeping the home will probably need to refinance the mortgage in their own name, meaning that they will need to have the financial ability to do so.

Some couples decide selling the home is the best option. This involves determining whether there will be enough left over after selling the home, paying the selling costs and splitting any money left after paying off the mortgage with the other spouse. People should make certain the money received would be enough for them to find another place to live.

Asset and debt division can be very complex and can involve a lot of critical thinking and planning. In some cases, people who are preparing to divorce may benefit by seeking the advice and counsel of a family law lawyer who can help the client to secure appraisals of businesses, artwork and other properties and locate assets that may have been concealed by the other spouse. A lawyer can also work on the negotiation of a comprehensive settlement agreement that covers these and other issues.

Real Estate Lawyer in Coquitlam BC

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Property division rules for common-law couples in B.C.

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Monday, March 23, 2015.

More and more couples in British Columbia are choosing to live together without getting married. Government statistics reveal that the growth rate of common law families is three times that of families with married parents, and this demographic trend was one of the primary reasons that legislators passed the Family Law Act in 2011.

One of the key components of the Family Law Act addresses the rules concerning property division for common-law couples. Assets of cohabiting couples who have lived together for at least two years are now treated in the same way as the property of married couples, and these assets will generally be divided equally if the couple separates. As with married couples, the rules apply to property acquired during the relationship and not to property that was owned beforehand, and common-law couples are free to enter into agreements if they wish to establish different criteria.

Before the passage of the Family Law Act, common-law families in British Columbia faced the prospect of lengthy and potentially costly litigation if they were unable to reach an amicable agreement regarding the division of their assets. The law also brought the family law in the province into line with estate and income tax law, which already treated married and unmarried couples in the same way.

Discussions over property division often become contentious, and the sentimental attachments formed with certain assets. An experienced family law lawyer may be familiar with the issues that might make arriving at a compromise difficult, and they could recommend mediation or private negotiations to help couples reach an amicable agreement. When necessary, that lawyer might suggest litigation as a possible resolution to a dispute.

Real Estate Lawyers in Coquitlam BC

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca/

Company offers couples divorce insurance

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Tuesday, March 17, 2015.

When most couples tie the knot, they generally do not plan to get divorced at some point in the future. As a result, a large number of married couples fail to plan for the possibility of the end of their marriage. Divorce insurance, a type of insurance that provides individuals with financial payouts in the event of a divorce, may be an effective way for British Columbia residents to avoid the overwhelming legal bills often associated with the end of the relationship.

According to Statistics Canada, in 2008, 38 percent of couples ended their marriages before their 30th anniversary. Although the concept of divorce insurance is not particularly romantic, it is often practical, and the financial protection it provides may come in handy. SafeGuard, the North Carolina-based company and the sole provider of this type of insurance, known as WedLock, hopes to eventually provide couples with benefit payouts when they reach their 25th anniversaries.

Divorce insurance is different from a prenuptial agreement, and this form of insurance can be worked into such an agreement. The developer of WedLock stated that he is not promoting divorce. He believes that since cars, homes and the well-being of individuals are often insured, it seems obvious that marriages should be provided with financial protection as well.

While divorce insurance may augment an individual’s financial situation during a divorce, the process can still be difficult. When couples divorce, they often have to deal with subjects like child custody, property division, and alimony. Since a lot is at stake when it comes to these subjects, it is not uncommon for spouses to work with a lawyer to protect their interests. By working with legal professionals who understand the technicalities of family law, individuals can work towards the results they desire.

Coquitlam BC Real Estate Lawyer

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca

Interim division of property prior to a final divorce order

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Thursday, February 12, 2015.

When a couple in British Columbia chooses to divorce, both parties are considered responsible for martial liabilities and entitled to marital assets, according to provincial statutes. Prior to the finalization of a divorce order, each spouse is entitled to apply to the courts for an order for an interim distribution of marital, or family, property. If granted, the order can provide funds to pay for legal proceedings, dispute resolution or to obtain evidence or information in support of an application to a court or dispute resolution.

In addition, the court may make an order that grants a spouse use or possession of the specific personal property, which is stored at the family residence, or exclusive occupation of the family residence. Such an order will be granted for a specific time and can apply to either leased or owned property. A spouse is not permitted to make significant alterations to the property during that interim period. Additionally, the court may order the postponement of any planned sale or partition of the property while the interim order is in effect.

An interim order can help provide financial stability for a spouse until the divorce agreement is finalized. A lawyer with a background in divorce cases can explain how an interim division of property order may be obtained and could help with the application process. Once the order is put into place, the spouse can move on with the divorce process.

A lawyer may also help negotiate a fair divorce agreement that is in the best interest of the spouse and his or her children. Once an agreement has been reached, it might be subject to approval by a judge. In most cases, judges will support an agreement as long as both parties are in favor of it.

Coquitlam BC Real Estate Lawyers

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
www.laughlinlaw.ca/