Dividing property and assets is one of the most challenging parts of separation or divorce. In Canada, the law aims to ensure that both spouses are treated fairly when dividing property, regardless of who holds legal ownership. At CityLaw Group, we provide expert legal support to help you understand your rights, protect your interests, and reach a fair resolution.
Understanding Property Division in British Columbia, Canada
In British Columbia, the law on dividing property applies not only to married couples but also to partners who have lived together in a marriage-like relationship for at least two years.
Property is grouped into two main types:
- Family property
- Excluded property
Family property includes almost everything you or your spouse owns, whether it is in your name alone or owned together, as of the date you separate. The name on the title or account doesn’t change the fact that it counts as family property.
Family Property Includes:
- The family home
- Other real estate
- Bank accounts and cash savings
- Investments
- RRSPs, pensions, and retirement savings
- Business interests or shares
- Insurance policies with cash value
- Debts taken on during the relationship
When a couple separates, they usually share family property equally. This can change only if they have a valid agreement or if dividing things 50/50 would be very unfair.
Excluded Property includes:
- Property one spouse owned before the relationship
- Gifts or inheritances given only to one spouse
- Certain payouts, like insurance money, court settlements, or trust property
If excluded property becomes more valuable during the relationship, the increase in its value counts as family property and is shared equally.
Key Points Include:
Equalization of Assets: Each spouse is entitled to an equal share of the increase in property value during the marriage.
Exclusions: Certain assets, such as inheritances, gifts from third parties, or property owned before marriage, may be excluded if kept separate.
Matrimonial Home: Special rules apply to the family home. Even if it was owned by one spouse before the marriage, both spouses may have equal rights to possession.
Debts and Liabilities: Debts acquired during the marriage are also taken into account when dividing property.
When it is Possible to Divide Property Unequally
A court will divide the property of a family or debt in an unequal way only if the sharing of property and debt equally would lead to a very unfair result. In most cases, property is divided equally. The court looks at different factors before making this decision. Couples can also agree to share property or debt unequally by making their own written agreement.
Our Property Division Services
We understand that every family’s financial situation is unique. Our services are designed to provide clarity and solutions that minimize conflict.
Legal Advice & Consultation
We explain how property division laws apply in your specific situation, including what counts as marital property, how equalization works, and which assets may be excluded.
Asset and Debt Assessment
Our team works with financial professionals when needed to identify, value, and categorize all marital assets and debts accurately.
Negotiation & Settlement
We help clients reach fair settlements through skilled negotiation, aiming to avoid lengthy court battles.
Matrimonial Home Guidance
Because the family home is often the most valuable and emotionally charged asset, we provide clear advice on rights to ownership, possession, or sale.
How CityLaw Can Help?
We have handled hundreds of family property division cases in Canada, so we have the correct knowledge and expertise to deal with every case expertly. At CityLaw, we are here to protect your financial rights and help you reach a fair outcome. If you want more information, then contact us quickly for a free consultation.
