Property division is complicated. It’s one of the most highly-contested points in most divorce cases, and it can have a huge impact on both parties going forward. Before you get to this point in British Columbia, you need to know about all of the details that must be considered, including the following:
- How the laws work regarding both equal and unequal division. In many cases, the court will seek equal division, meaning what you contributed to the marriage does not always equal what you get out of it.
- How to get a valuation of any of the assets that you own. This is especially important for large items like land or businesses that are owned. You may have to buy your spouse out or offer to take less of the other property, so knowing the true value is key.
- How to split up pensions and retirement funds. It is possible for a spouse to claim part of these monthly payments, even after the divorce. This is done because the long-term value of the fund has to be considered, even though all of that value has not been transferred to the person at the time.
- How to split up any debt that you have. If you’re facing significant debt, this could even be more important than dividing your assets. It’s also good to know how to look at things that represent both debt and value, such as a home that you bought and have not fully paid off yet.
If you’d like to learn more, please visit our site today.