Dividing of Property & Assets According to Vancouver’s Family Law Act
The new Family Law Act that came into force on March 18, 2013 changed the way that property and assets are divided on the breakdown of both common law and married relationships.
Under the Family Law Act, common law couples and married couples are subject to the same rules regarding division of property. There is no longer a “family purpose test,” and generally the initial value of all property brought into the relationship can be taken out by the original party owning that property. However, any growth in the equity or value of the property is subject to an equal division, regardless of whether it was used for a family purpose or not. Any inheritances received during the relationship can be taken out by the inheriting party, subject to division of any growth during the relationship.
The family law team at Paine Edmonds LLP in Vancouver will explain how this new law will affect your particular situation. Tracing the value and source of your assets and property at the beginning and end of your relationship will be an important step in understanding how this new law will affect you.
Contact Paine Edmonds LLP today to arrange for a Initial consultation.