A Guide To Property Division After A Divorce
Separating from your spouse is a painful event in anyone’s life. But, that should not deter you from doing the required research on the legal procedures for getting a divorce. Finding a reliable divorce attorney in Edmonton can help you mitigate through this process. He will also help you determine who gets what at the end of the divorce, especially in terms of co-owned property.
According to Canadian Family law, a marriage is considered to be a partnership and in the event of a divorce, the properties owned by the spouses are divided equally between them. This is applicable to all properties acquired during the marriage. This provision is also common across all provinces in Canada. However, there are few laws pertaining to property division which are unique to certain provinces. Here we will focus on the property division norms in Alberta.
Let’s take a closer look at a few key terms to gain clarity on the concept of property division after an Alberta divorce:
As mentioned above, all property that was acquired by you or your spouse during your relationship will be equally divided between the two of you. Here the term property refers to everything that both of you owned. This includes land, your matrimonial home, real estate bought during your relationship, stocks, bonds, bank accounts, term deposits, life insurance, recreational property, vehicles, interests in partnerships and sole proprietorships.
Your matrimonial home is the place where you and your spouse resided during the course of your marriage. During a divorce, both spouses have an equal right to remain in their matrimonial home. Even if the only one spouse had borne the expenses of buying the house, the marital home would be shared equally between both the spouses.
Any property which you may have owned before your marriage is not included in your net family property. This includes gifts, inheritance and real estate. But, if you or your spouse transfers an excluded property in your name during the course of your marriage, then it will be considered as a part of the net family property and has to be divided.
This is a complex process which involves both the parties to disclose their assets openly and then allot values to them. The valuation of certain assets and debts can be found on the basis of your recent bank statements whereas properties such as your house and furniture can be valued at the price they can be sold.
Provincial Law For Property Division
The governing law in Alberta for property division is the Matrimonial Property Act (MPA). Your divorce attorney Edmonton will help you understand the clauses of this act. The concepts mentioned above are with reference to MPA.
If you are on the verge of divorce, then you might want to hire a divorce attorney who is well-versed with the divorce law in Edmonton. You can get in touch with our legal experts at Prowse Chowne to help you advance through your divorce proceedings.