When a person is preparing to get a divorce, it is important for him or her to think critically about how the property that has been accumulated will be divided. In addition to the division of property, divorcing people should also expect that their debts will be divided as well.

An important first step to take in preparation is to fully account for all of the assets, income sources and debts held by each spouse as well as those held jointly. People may then arrive at an idea of their worth by subtracting the debts from the value of the assets. Doing this may provide a basic idea of the amount that might be expected upon the property division.

It is important for people to think carefully before agreeing to give up their interest in such things as retirement accounts or pensions in exchange for other assets. Pensions and retirement accounts may be much more valuable when a person reaches their retirement age, and evaluating any proposed agreements should account for the present value and the future expected value of the portion that would be received. Finally, people should gather all of their financial documents in preparation for filing, including account statements, bills, deeds, titles and tax returns, as all will be needed during the divorce.

Divorce can be highly emotional and difficult, but it is important for divorcing people to take an organized and reasoned approach in order to protect their interests. Property division may be very complex, requiring valuation of assets and appraisals. Understanding the current and future value of assets that are held could help in protecting one’s rights and interests in the future. A person who is divorcing may want to bring their financial paperwork when meeting with a family law lawyer for help.

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

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