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The term “family property” denotes everything that one or both spouses own, either individually or jointly, at separation. Certain assets may be excluded from the family property. When a marriage or common law relationship breaks down, there are certain rules to be followed to divide the couple’s property and debt. Park Place Law has full experience in dealing with complicated financial matters during a divorce or separation. You can rely on our property division lawyers in Nanaimo and Vancouver Island for an objective evaluation about dividing your assets and debts during a divorce or separation.
Property division rules are outlined in BC provincial legislation called the Family Law Act which came into effect on March 18, 2013. This act describes how property and debt are divided when a relationship ends. Property may be divided regardless of which spouse owns the asset. Assets such as pensions, real estate, ‘chattels’ (household furnishings and effects), and financial investments can be divided. Contact us for further information or queries.