"But I want more than 50/50 of my assets!" These are some of the words that I hear from my clients. Before walking into the doors of my office and sitting across from me they start to share what they have been told by Google, their friends, and a quick read of JP Boyd's Clicklaw Wikibooks (a great resource!) on basic law on everything Family Law in BC.
Section 95 of the Family Law Act in British Columbia sets out the general rule for the division of family property in the event of separation or divorce. The Act states that spouses have an equal right to family property, and sets out a process for dividing that property in a way that is fair and equitable.
However, it is important to note that the equal division of family property does not necessarily mean an equal division of assets. The value of the assets being divided, as well as the financial and non-financial contributions of each spouse during the marriage, will be taken into account when determining the division of property.
There are a few different factors that the court will consider when dividing family property in BC.
These include:
The value of the property: The court will determine the value of each asset and liability, and will consider the value of the property as a whole.
The financial and non-financial contributions of each spouse: The court will consider the contributions made by each spouse during the marriage, including both financial contributions (such as income earned and debts incurred) and non-financial contributions (such as caregiving and household management).
The needs of each spouse: The court will consider the needs of each spouse, including their age, health, and financial circumstances.
Any other relevant factors: The court may also consider other relevant factors, such as the length of the marriage and the conduct of the parties during the marriage
It is important to note that the division of family property is not always a straightforward process, and can be a source of conflict during separation or divorce. It is advisable to seek the advice of a legal professional to ensure that your interests are protected and that the division of assets is fair and equitable.
Call your local family lawyers in Surrey, British Columbia at (778) 381-9977 or book online on our website at Silaw Group Family Lawyers and Mediators for more information and to get a free consultation about your rights.