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The importance of understanding property division in divorce

There are a number of pressing issues faced by a couple when they choose to divorce. British Columbia residents already know that property division is among the most contentious. Understandably, how marital property is divided can have a profound influence on the financial status of both parties once the divorce is finalized. This is why it is important for couples seeking a divorce to understand their rights and responsibilities when it comes to the divorce process.

In Canada, a marriage is considered an equal partnership which does not rely upon financial contribution as a measure of that partnership. A stay-at-home parent, for example, is considered to be just as important to the family unit as a so-called breadwinner. Therefore, property accrued by the married couple from the date of their marriage onward is considered joint property and must be divided equally between both parties. Property that was brought into the marriage by either spouse generally remains the property of that spouse in a divorce.

The equal distribution of property may not apply to a matrimonial home, however. This is the home the couple shares at the time they decide to divorce. Under the law, both spouses have equal right to continue to live in the matrimonial home. In addition, provincial laws may impose additional sanctions on property division. It is important for both spouses to have an understanding of their province's unique divorce laws.

Divorce can be a complicated process, particularly when it comes to property division. This is why it is so important for both spouses to understand their role in the process. British Columbia residents may benefit from seeking the support of qualified attorneys to help guide them through this process, toward a mutually beneficial settlement and a happier life.

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