The division of property in family law cases is a crucial aspect that requires careful consideration. We understand that this can be a challenging and emotional process for you, as it involves dividing property accumulated during a marriage or relationship of interdependence. We aim to provide compassionate and empathetic support to guide you through this process, ensuring your rights and interests are protected.
The Family Property Act (Alberta) governs the division of property for spouses and adult interdependent partners who separated on or after January 1, 2020. The Matrimonial Property Act (Alberta) governs the division of property for spouses who separated prior to January 1, 2020, and common law principles govern the division of property for partners who separated prior to January 1, 2020.
Family property typically encompasses most assets and debts acquired during the parties’ cohabitation, including any family home, real property, investments, bank accounts, Registered Retirement Savings Plans, pensions, vehicles, household goods, furniture, personal belongings, business interests, and debts accumulated during the period of cohabitation. Property accumulated during the period of cohabitation is typically divided equally, regardless of whether the property is in the sole name or the joint names of the spouses or partners.
Certain property may be exempt from distribution. If a party claims certain property as exempt from distribution, they must be able to identify and trace the claimed exempt property. If exempt property is mixed with other property, it may lose a portion of or its entire exempt status.
At Badejo Law Group, we have extensive experience handling the division of family property in separation or divorce cases. We will thoroughly analyze your unique circumstances and work towards achieving a fair outcome. Our team is dedicated to providing personalized advice and representation, ensuring that you are well-informed throughout the division of family property process.
