A couple who is facing divorce or separation will likely have to carefully examine assets and debts – both marital and non-marital – to reach a compromise regarding division. The longer the duration of the marriage, the more challenging this becomes.
It is not uncommon for couples in Alberta to develop comprehensive pre-nuptial agreements. In this manner, both parties can document the assets they are bringing into the marriage. With this agreement in hand, the process of property division can be more straightforward. However, many long-term marriages will likely see the creation or accrual of numerous new marital assets – and debts.
What does the division of property mean?
While many people automatically assume property division to be centered on homes or cars, there are numerous items that will fall into this category during divorce or separation. These items can include:
- Furniture, collections or other contents of your home
- Pensions from employment
- Canada or Quebec Pension Plan credits
- Bank accounts
Additionally, real estate can refer to numerous properties outside of the family home, including:
- Vacation property
- Commercial property
- Retail space
- Investment property
- Income property
Couples who are facing the division of property leading up to a divorce or separation can feel a great deal of stress and concern. Dividing one household into two can be a daunting task, complicated by emotional turmoil and heated disputes. The division of real estate and other items in addition to the division of debt can be a complex process. It is wise to seek the counsel of an experienced family law lawyer who can answer your questions and provide the guidance you need from start to finish.