Abbotsford, BC Division of Marital Assets Lawyers

Worried your spouse is going to take everything in your Abbotsford, BC divorce? Aghast that you might really have to give up 50% of your property?

Our team understands how difficult these conversations can be. While we can’t change the law, we can work hard to make the law work as favorably as possible in your case. 

We’ll help you protect the value of your most important assets, exempt as many assets as possible, and negotiate a settlement you can live with. 

Marital Property

Division of assets begins with the presumption that spouses accumulate a certain amount of property during the course of their marriage. The property they develop together is known as “marital” property. Each spouse is entitled to 50% of this property.

It doesn’t matter how the spouse behaved during your marriage, if they committed adultery, or even if they are making trouble during the divorce. This 50% rule is generally hard and fast. However, the law also requires that the property division be fair. There are times when a slightly different division of property is reasonable. 

Excluded Property

Certain property is exempt from division. This is any property you owned prior to beginning your marriage, inheritances received, gifts from people other than your spouse, personal injury settlements, insurance payouts, and trust funds held by someone other than your spouse. There are some exceptions: for example, if both you and your spouse were hurt the same personal injury case then you might share a claim to that settlement. 

Note that sometimes property you bring into the marriage grows more valuable during that marriage. You would be able to exempt the initial value of the property from the divorce settlement, but the value of the property since that date would be fair game. For example, if your retirement account had $10,000 in it when you got married and it now has $100,000 in it, the $10,000 is excluded but the $90,000 isn’t. That money grew, at least in part, as a result of the activities of your partnership.

Obviously many disputes arise over whether it is appropriate to exclude certain property. Couples often use excluded property to purchase or improve marital property, which can complicate the matter even more. It is also possible to convert excluded property into family property by placing that property into the spouse’s name. 

Excluding property in the first place requires evidence—the ability to trace the property’s origins. If you have a prenuptial agreement, the property’s inclusion as protected property in the prenuptial agreement can offer strong evidence for the property’s exclusion. 

We will work hard to exclude as much of your property as is legally feasible. 

Protecting the Value of Assets

Your farm won’t function if the property is divided incorrectly. Your business could fail. Your retirement accounts could lose millions in future interest. When we work out marital property solutions we aren’t just looking at creating a fair split. We’re also looking at what it will take to retain the value of certain assets. 

Our attorneys have a background in business law and in real estate law. This gives us access to a complex understanding of what it will take to keep these assets protected throughout the process. We’re aware of all the different vehicles we can use to create an equitable settlement agreement that doesn’t destroy your ability to build and grow wealth in the future. 

When 50/50 Splits Are Inappropriate

Courts do recognize that there are times when 50/50 splits aren’t entirely appropriate. 

• Cases in which one spouse caused a significant increase or decrease in the value of property after the date of separation.
• Cases in which one spouse attempted to hide assets from the other spouse.
• Cases in which one spouse spent a significant portion of marital assets on a lover during an adulterous affair. 
• Cases in which the marriage was very short. 
• Cases in which one spouse ran up debts or expenses without the knowledge or consent of the other spouse. 
• Cases in which there is significant debt, and one spouse is disadvantaged in their ability to pay off that debt.

The division of family debt is negotiable unless your divorce proceeds to trial. It is usually best to come in with goals for what you want to keep and what you want to give away. For example, if you want to retain control over the family business, it’s wise to be ready to pay out the spouse’s shares. If you want to retain control over a family home, then you might have to give up the RV or the cars. 

Note that certain 50/50 divisions can leave one spouse at a significant disadvantage. There could be “hidden” costs. If some of those assets have a particularly large lifetime value or carry a particularly large tax burden then it’s important to avoid taking a proposed division at face value. We can offer you guidance as to whether or not a proposed arrangement is truly in your best interests, and will propose solutions that help you protect the property you care about the most.

Get Help Today

Our legal team has decades of experience helping British Columbia residents get a fair deal on the division of assets. Our understanding of business law and real estate law gives us a deep background which allows us to craft creative solutions and win-win negotiations. When that fails, we’re always ready to help you put your best foot forward in divorce court. 

While you can’t avoid letting your spouse take some of the property, we can help you avoid egregious unfairness or situations where you have to start over from scratch. We can also help you protect your company, intellectual property, retirement account, or other important income-bearing assets. 

Gather your information and call us to schedule a case review today. Call 1-604-504-8309 now.