This article is for informational purposes only and should not be considered legal advice. If you have any questions related to family law in BC, then you need to seek the guidance of a qualified family law lawyer on the facts specific to your case.
Property Division in BC
The division of family property in BC can be complex. It is important to understand the different types of property and how they are divided in order to ensure a fair and equitable division.
There are three main types of property that may need to be divided during a separation or divorce: family property, excluded property, and inherited property. Family property includes any assets acquired during the relationship, such as real estate, vehicles, bank accounts, investments, and personal belongings. Excluded property refers to assets that were owned by one spouse before the relationship began or received as gifts or inheritances during the relationship. Inherited property includes assets that were inherited by one spouse during the relationship.
In British Columbia, family property is divided equally between spouses unless there is a valid agreement stating otherwise. This means that each person is entitled to 50% of the family property, regardless of who acquired it or whose name is on the title. However, there are certain exceptions to this rule, such as if one party brought significantly more assets into the relationship or if one spouse has a disability.
When it comes to excluded property, it remains with the original owner and does not need to be divided during a divorce. This can include property owned before the relationship, gifts or inheritances received during the relationship, and property specifically excluded by a valid agreement.
It is important to note that while inheritances are generally considered excluded property, they can become family property if they are comingled with other assets. For example, if one spouse inherits money and then uses it to purchase a jointly-owned home with their partner, the inheritance may no longer be considered excluded property and could be subject to division in a divorce.
Another exception to the equal sharing rule is if one spouse has a disability that affects their ability to earn income or contribute to household expenses. In these cases, the court may order an unequal division of assets in order to financially support the disabled spouse. This can also apply if one spouse sacrificed their career or earning potential to support the other spouse's education or career advancement.
In addition to property division, a valid agreement can also address spousal support and child custody and support. A prenuptial agreement may outline the terms for financial support in the event of a divorce, including whether or not alimony will be paid and for how long. It can also lay out a plan for custody and visitation of any children from the marriage.
There are three main types of property that may need to be divided during a separation or divorce: family property, excluded property, and inherited property. Family property includes any assets acquired during the relationship, such as real estate, vehicles, bank accounts, investments, and personal belongings. Excluded property refers to assets that were owned by one spouse before the relationship began or received as gifts or inheritances during the relationship. Inherited property includes assets that were inherited by one spouse during the relationship.
In British Columbia, family property is divided equally between spouses unless there is a valid agreement stating otherwise. This means that each person is entitled to 50% of the family property, regardless of who acquired it or whose name is on the title. However, there are certain exceptions to this rule, such as if one party brought significantly more assets into the relationship or if one spouse has a disability.
When it comes to excluded property, it remains with the original owner and does not need to be divided during a divorce. This can include property owned before the relationship, gifts or inheritances received during the relationship, and property specifically excluded by a valid agreement.
It is important to note that while inheritances are generally considered excluded property, they can become family property if they are comingled with other assets. For example, if one spouse inherits money and then uses it to purchase a jointly-owned home with their partner, the inheritance may no longer be considered excluded property and could be subject to division in a divorce.
Another exception to the equal sharing rule is if one spouse has a disability that affects their ability to earn income or contribute to household expenses. In these cases, the court may order an unequal division of assets in order to financially support the disabled spouse. This can also apply if one spouse sacrificed their career or earning potential to support the other spouse's education or career advancement.
In addition to property division, a valid agreement can also address spousal support and child custody and support. A prenuptial agreement may outline the terms for financial support in the event of a divorce, including whether or not alimony will be paid and for how long. It can also lay out a plan for custody and visitation of any children from the marriage.