When a couple decides to divorce, how are assets divided in a divorce in Alberta?One of the main things they have to deal with is dividing the assets. Sometimes, divorce can be very stressful and complex. Dividing or splitting marital assets can make it more complex. When it comes to dividing the assets, then it includes both individual and joint assets.
If you plan to get separated from your partner, you have to go through some process. Then you also have to concern about splitting the marital properties. These properties can be included in your family home, assets, or joint spousal assets. So before divorcing, it is very important to know how the assets are divided.
Types of Matrimonial Asset
Before going to dividing the marital assets, you need to what actually includes the matrimonial assets. There are some kinds of marital assets. Some include individual assets, and some include joint assets. So below are given some of them.
1. Family Properties:
These properties include all the assets that were acquired either by you or your spouse during the marriage. The owner of those properties can be both individual or joint. Even if you guys have something before the day of separation,it would also be considered family property.
Other than these things, some assets also are included as marital properties. For example;
- Car/Motor vehicles
- jewelry assets
- Debts/Shares and stocks
- Savings accounts or any other saving
- Vacation house
2. Family Home:
Two spouses should occupy a family home owned or leased by you or your spouse or sometimes both of you (i.e., shared properties), and this home at the time of marriage. Also, to be considered as a family home, the house should be located in Alberta.
The family home is always considered the most significant asset for a couple in their marriage. That is why a family home has some extra level of considerations. It is not necessary that it has to be a complete home. It can also be a part of a house—for example, a condominium, mobile home, etc.
3. Exempt Property:
This kind of property includes the assets that were acquired by you or your spouse before the marriage. That is why it is called exempt property. These properties can also include the assets that you or your spouse got as gifts or by inheritance during the marriage.
But the vital thing to be noted is that exempt property will not fall under the family property act law to property division. But there is also an exception. If exempt property’s value increases during the marriage time, then that added properties will not exempt.
Because it is also a product of marriage, so it will also be divided at the time of separation. For example,the value of a piece of jeweler was 1000 USD at the time of marriage.Now the value has increased to 3000 USD at the time of divorce. So the extra 2000 USD will be divided at the time of divorce.
How Are Assets Divided in a Divorce in Alberta
According to the Alberta family property law, they always try to make a fair division of marital properties. Equitable division means the equal division between you and your spouse. But there is some exceptional case. In Alberta’s family property law, they do not consider any family issues like domestic abuse during the relationship.
All cases and situations are not the same. There can be a situation where the judge will not incline for a fair division. The judge may award more assets to one party. But when the issue like family home comes. Then several things can happen.
Your spouse also can buy the entire property from you, depending on how the value was divided. Another thing that can happen is the home can be sold, and the money can be split between you and your spouse. It can be a crucial challenge for a couple during the division of their properties.
Some Factors During Splitting the Properties:
The court always considers some factors when it comes to spitting marital properties. Sometimes, the significance of these factors can be really impactful. So it is essential to know for a couple who is decided to divorce. These factors are in the following:
- When the assets were accrued, whether it is before or after the marriage
- If the assets are individual or joint property
- Whether the assets were gifted or got by inheritance
- Whether the property that exists is exempt or not
- the duration of the marriage life
- the contribution of each other during the marriage
- Financial stability of both parties
- Any pre-existing agreement that was made during the marriage
Factors that the Court will not Consider During Division:
- Any family or domestic issues
- Properties that were accrued by gift or by inheritance
- whether one party was unlawful or unfaithful
- and many more
Consult an Alberta Divorce Lawyer:
The property division at the time of separation can be complicated for an individual. Because a couple has to go through a lot of hassle and procedures to split their properties. There is also some court formality that can seem hard for a normal person.
So it is always recommended for a couple to consult a divorce lawyer. If possible, then try to hire a divorce lawyer who is trustworthy and skilled in the relevant field. A lawyer can help you out by providing the necessary documents and the court process.
The Bottom Line:
If you and your spouse are decided to get separated, you guys need to consider many things. Among them, the most important one is dividing or splitting the marital properties. And divorce is not an easy process. Not only is it so stressful, but also it is involved with an individual’s emotions and feelings.
To get rid of those court processes, it isessential to hire a skilled and experienced divorce lawyer. You will find a lot of lawyers around your area. You can also contact them online (i.e.,divorce in Calgary). Hopefully, from this writing now, you have learned how are assets divided in a divorce in Alberta.