Asset and debt division
Navigating through your divorce or separation can be an arduous process, and it often involves myriad issues, including custody and guardianship of your children, child and spousal support, and property division. Lindsay Kenney’s divorce lawyers are well versed in all aspects of the divorce and asset division process.
In British Columbia, you can obtain a divorce if you have been separated for one year, if there is proof of adultery, or if one party subjected the other to physical or mental cruelty. The divorce is usually the final step in the court process, after the parties have resolved all other issues of custody, child and spousal support, and property division. A divorce order is granted by the Supreme Court of British Columbia, and in cases involving children, the court will not grant the divorce order until it is satisfied that reasonable arrangements have been made for the financial support of the children.
Property division in British Columbia is governed by the Family Law Act. Under the Family Law Act, “family property”–which includes all property owned by either or both spouses at the time of separation–is divided equally, unless it would be significantly unfair to do so. However, an exception is made for “excluded property”, which includes property acquired by either spouse before the marriage or cohabitation, gifts or inheritances to one spouse, some kinds of trust property, and damage awards and insurance proceeds, except if it is intended to compensate both spouses or loss of income of one spouse. Parties are also presumptively equally responsible for family debt upon separation.
Contact LK Law if you are in need of a divorce lawyer, or a lawyer who can provide solid advice on asset division.