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property division Archives

The complexities of a divorce with education savings for children

When a divorce occurs, people typically expect that finances will be divided between each spouse. However, there are some accounts that people may be less likely to consider in property division, such as RESPs for children. For many British Columbia couples, choosing who will hold these education savings can become a significant issue when dividing assets.

Consider retirement when going through divorce, property division

To sustain their lifestyle after retirement, many high net worth couples invest large amounts of money throughout their lives. But what happens to British Columbia couples who divorce prior to or during retirement? The property division process can take a major toll on retirement plans. This is an important subject as more Canadians face retirement as singles than ever before.

Early conversations about property division can protect assets

Many people only consider protecting their assets from a partner when marriage comes up. However, as an increasing number of Canadians opt for common-law relationships, steps like moving in with a partner should be given the same careful consideration. In British Columbia, those who have earned or inherited assets should know about the laws governing property division and take steps to protect themselves in the case of a break-up.

How pre-nuptial agreements define potential property division

Those who have their own assets before entering a marriage or co-habitation situation may wish to take steps to protect themselves. A pre-nuptial agreement is one option many British Columbia couples can consider to protect their interests in case of any future need for property division. While these can be controversial for some couples, these documents can help lay a foundation for a relationship by clarifying goals and expectations.

What is a "matrimonial home" in property division law?

Many people understand the "matrimonial home" as a house inhabited by a couple. However, depending on the area where a couple lives, family law may have a different take on such property. Divorcing couples in British Columbia should know how family law regards the matrimonial home in order to properly address it in property division.

Hot housing market influences property division in divorce

One of the more contentious portions of many divorces is how to divide marital assets. Property division can be complicated depending on the specifics of the divorce case, and the recent housing market boom is not making things easier for British Columbia residents looking to end their marriages while still retaining some of those assets. This is why it is helpful for couples to secure legal advice in determining how to best divide up their shared property. 

Property division in divorce

Very few people enter a marriage expecting it to end in divorce. But with divorce rates hovering steadily at the 50 percent mark here in British Columbia and elsewhere in the nation, it is important to at least consider the potential before walking down the aisle. Property division in a divorce settlement can be very rocky for those who are not prepared for the realities of that process. 

New property division law regarding "pet custody"

While the divorce rate has evened out considerably over the last 10 years, divorce is still a relatively common phenomenon in Canada. Here in British Columbia, one of the most contentious parts of a divorce is property division. Family pets are included under that umbrella, to date inhabiting a grey area of the law. However, one American state is approaching "pet custody" in a new light, a move that could influence how the issue is handled in divorces on both sides of the border. 

Handling property division in grey divorce

Chances are, most people have heard about so-called "grey divorce", wherein couples over the age of 65 make the decision to end their marriages. It is a growing trend among the over-60 crowd here in British Columbia and across the nation. However, property division -- commonly one of the more contentious elements of a divorce proceeding -- can take on new aspects in a grey divorce. Given the age of the divorcees, dividing property late in life can have lasting effects on their retirement and estate plans.

Planning for property division ahead of divorce

As a general rule, couples do not get married with the intention of getting divorced at a later time. But for many British Columbia residents, the prospect of a late-life divorce is a more real possibility today than it has ever been. Given that divorce is almost always accompanied by property division, it is important for individuals, particularly women, to have a solid handle on their finances as they relate to retirement. 

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