When navigating a divorce or separation, many couples stress about how they will divide the property they have accumulated during the years of their lives together. Who will keep the family home? How much of each spouse’s property will be vulnerable to distribution? Is any property safe? Property division in British Columbia may feel like an overwhelming concept.
With the help of a family lawyer, you and your soon-to-be-ex-spouse can navigate the successful division of property and keep the assets that are important to you. Here’s what you need to know about property division.
Basic Legal Framework for Property Division in British Columbia
The Family Law Act governs the division of property in British Columbia. This act characterizes property to three different classes, each of which faces different outcomes in a divorce:
- Family property: Any property acquired during the marriage. This can include real estate, investments, vehicles, business interests, pensions, and more.
- Separate property: Any property acquired after the relationship ended but before the division of property.
- Excluded property: Assets that either party owned separately before the marriage, along with gifts, inheritances, and personal injury settlements.
British Columbia follows a procedure to facilitate the equal division of family property between spouses. Any shared property could be subject to division. Property that cannot be split in half, like real estate, may be subject to an alternative method to ensure an equal, fair division.
Meanwhile, separate and excluded property may not be subject to division in a divorce.
Factors Impacting Property Division
While the procedures for property division in British Columbia are relatively straightforward, some property types may not fit neatly into the categories above. The court would consider several factors to determine how to divide a couple’s assets and property, including the following:
- Whether any property has increased in value over the course of the marriage (in which case the increase in valuation may be family property rather than excluded property)
- The contribution of each spouse to the marriage
- The separate financial resources each spouse has
- Both spouses’ debts and liabilities
Sometimes, the court divides property on a case-by-case basis depending on what would make sense for the divorcing couple and their family as a whole.
How Legal Representation Can Assist You
If you and your spouse cannot agree on the division of your property and assets, you may worry about how the court will handle this process for you. If you have a sentimental attachment to a certain property, like the family home, the idea of your spouse keeping it may be a source of anxiety.
Hiring legal representation to assist you through the divorce process can help keep your wants and needs at the forefront. Your lawyer can present alternative methods for determining property division, such as mediation. Through this process, you and your spouse can attempt to work out an agreement without involving the court.
Your lawyer can also help identify and value all family property that could be subject to division in your divorce. They can help you keep a level head throughout the proceedings and ensure that any decisions your spouse proposes are fair.
Contact Pier Law & Mediation for Assistance
If you need help understanding or navigating property division in British Columbia, Pier Law & Mediation is here for you. Our experienced lawyers recognize that there is no “one size fits all” approach to divorce. We provide personalized legal services and mediation to help you navigate property division, child custody, spousal support, and more.
Call us today at (604) 900-7158 or complete our contact form to schedule your appointment.
