Park Place

Property & Debt

The rules governing how assets are divided when a marriage breaks down are set out in new provincial legislation called the Family Law Act, which came into effect on March 18, 2013. This Act makes many changes from what had been the law in B.C. as to how both property and debt are divided when a marriage or common law relationship ends.

Both assets and debt may be divided regardless of whose name might be on an asset or debt. Assets which can be divided range from real estate, pensions, ‘chattels’ (household furnishings and effects), to financial investments, and even air miles.

As of March 18, 2013, what used to be a  general rule that a ‘family asset’   was presumed to be divided equally is no longer the law in British Columbia. With the new Family Law Act it is even more important to have the new concepts of property and debt division  explained by a lawyer who is knowledgeable in this complicated area.

View Map | 250-758-7758 | fiona@parkplacelaw.ca | Park Place Law, #100 – 2124 Bowen Road, Nanaimo, British Columbia, Canada, V9S 1H7

Park Place Law, Nanaimo, Vancouver Island, British Columbia, Canada, Family Law, Family Mediation, Separation & Divorce, Child Custody & Access, Child Support, Spousal Support, Property Division, Cohabitation & Marriage Agreements.

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