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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

Learning about division of property

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, September 10, 2014.

British Columbia has certain default provisions in place to help establish how marital assets can be fairly distributed between each spouse in a divorce. For spouses who do not wish to resort to these default rules, a prenuptial or postnuptial agreement may be put in place. In the absence of such an agreement, marital property and debt must be divided according to established rules.

One general rule is that nearly every type of asset is subject to division, including the increased value of assets that were owned before a spouse was married. There are a few exceptions, however, such as inheritances or gifts that were received from a party other than the other spouse. While courts are bound to adhere to default rules in many situations, spouses may be able to reach an alternative agreement that works best for them through the process of mediation or private negotiation. In addition to dividing specific assets, spouses may also consider whether spousal support should be included in their agreement in order to help compensate for the non-financial contributions of one of the spouses.

One of the most important components of the divorce process is evaluating assets that must be divided so that each spouse winds up with about the same value of assets as the other. Certain assets may be more difficult to evaluate, such as businesses. Our firm focuses on other practice areas, such as commercial law and estate planning, so we are able to consider how different financial arrangements may affect clients’ lives in the future.

Dividing property can be a complex process that may require the testimony of experts regarding the value of certain assets. If you would like more information on the legal rules regarding the division of property, please read our page on this topic.

Source: Laughlin & Company, “Division Of Property“, September 04, 2014

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

Preparing for divorce financially

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Friday, June 27, 2014.

Many residents of British Columbia may aware of some of the expenses that can arise out of a divorce, but some may not have considered how these costs might affect a partner who is not employed. According to some commentators, a partner that is not employed during the marriage might not be able to pay for some of the costs necessary for attaining legal representation and securing an equitable settlement.

Determining the average cost of divorce can be very difficult, and for this reason, an unemployed spouse may need to plan ahead financially before filing for divorce. This might include opening a personal credit history that is not associated with the other party. Although a both parties might be entitled to receive a portion of the marital property as part of a settlement, the property division process can be expensive to negotiate.

In some cases, additional costs may appear without warning even after the initial divorce agreement is put into place, and one lawyer in Alberta emphasizes that every court trip will cost some amount of money. For example, travelling outside of the country requires approval from both spouses. If the other spouse fails to provide approval, the matter may be taken to court. However, this issue might be avoided if the couple signs a prearranged travel agreement.

While the process of divorce can be costly, the outcome may provide a more stable living situation for all of the parties involved. However, providing for a future after marriage during divorce negotiations can be difficult without professional help. A lawyer who is familiar with family law may be able to inform a client of his or her rights and obligations throughout divorce proceedings and may offer the client representation during hearings and negotiations with the other party.

Source: St. Albert Gazette , “Women need financial plan for divorce“.

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

Deciding who gets to keep the pet after a divorce

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Monday, April 28, 2014.

British Columbia couples often argue over the division of marital property during a divorce. Few pieces of property elicit as emotional a reaction as pets, however. Determining who gets the family pet after a marriage ends can be a tricky subject, but courts generally look at a few factors to make their rulings.

Under the law, pets are seen as pieces of property. This means that if a pet was owned by one spouse prior to the marriage, it will usually count as non-marital property and be owned by that spouse after the marriage. Also, if a prenuptial agreement shows who will own the pet after divorce, this will usually dictate custody.

When these do not apply, a judge will generally have to make a ruling. The factors that a court may consider in order to determine pet custody include which spouse would be better equipped to care for the pet. If a spouse has a job that takes him or her away from home often or has a schedule that is inconsistent, this can count in the judge’s decision. If a spouse has been the primary caretaker of a pet, though, this can generally weigh in his or her favor. Showing proof that one spouse buys the pet food and other supplies, takes the pet for walks or is the one to take the pet to the veterinarian can go a long way toward that spouse retaining custody.

A lawyer may be able to help throughout this process, whether in negotiating who gets custody of a pet or any one of the numerous divorce legal issues. The lawyer may be especially useful during the valuation and division of property stages in order to help ensure a fair asset division.

Source: Forbes, “How Are Pets Handled In Divorce?“, Jeff Landers, April 17, 2014

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