Areas of Practice
Divorce Settlement: Division of assets in BC
Which assets must be divided?
Under the Family Relations Act there is a presumption that both parties own an equal share in the “family assets” (which are defined in the act), whether owned separately or jointly. This does not necessarily mean that assets are divided equally in every case; in some situations, there may be compelling reasons why things should not be divided equally in the divorce settlement. This can be the case when one party feels that some assets are not “family assets” – and it is up to them to show why those things should be excluded from the division of assets.
All assets need to be considered in a divorce settlement, including any real estate, and any other property such as money, investments, and even household items.
Dividing a pension in a divorce settlement
In the case of splitting up a pension, all CPP credits are equalized upon divorce so that each spouse has the same number of credits. However, due to the way CPP credits are calculated it is not always a good idea to equalize them, and in BC you can choose not to. With all other pension plans each spouse is generally entitled to one half of the pension that accrued during the marriage.
If you have questions or concerns about a fair division of assets in a divorce settlement, please click here to request a free consultation with Marlisa Martin, a family lawyer in Victoria.