Unmarried living together – very common these days! Planning for that cohabitation – less common, but probably one of the most important things you can do. Whether you end up married or not, the law in many jurisdictions provides that once you’ve been living together for a certain period, your division of assets & debts / spousal support obligations / entitlements on separation or death … [Read more...] about Planning for Living Together – Questions to Contemplate
Division of Property
There’s a new Act coming into force on January 1, 2020 – the Family Property Act – replacing the current Matrimonial Property Act. The biggest change is that this legislation now gives unmarried separating couples in Alberta the right to automatically divide their assets and debts. This is huge – until now, these separated couples had to prove that there should be a division of assets … [Read more...] about Changes are Coming for Unmarried Separating Couples in Alberta – Jan 1, 2020
Is this news to you? I just read about a survey conducted by BMO in August 2011 of Canadians going thru divorce suggesting that financial security over the short- and long-term are of primary concern when deciding whether to split from their spouse. The top 3 concerns were: the family home (53%), pensions (17%) and investments (13%). When I see these numbers, I am not surprised in the … [Read more...] about News Flash: Finances are a Top Concern for Divorcing Couples
Can “sharing” and “divorcing” go together in the same sentence? As you work out your parenting plan, and determine where the kids are going to live, have you come to impasse where you truly believe that you cannot come to an agreement on who will get the kids when and for how long? You may want to consider continuing to share your matrimonial home with your ex-spouse. “How on … [Read more...] about Sharing Post-Divorce – For The Kids’ Sake
Before deciding which spouse will keep what property, spouses must determine whether their property is inside or outside the realm of “divisible” property. The determination may be different depending on which side of the Alberta / Saskatchewan border you are on. The one important difference is that the Alberta Matrimonial Property Act applies only to married couples, whereas the … [Read more...] about 4-Part Series: Aspects of Separation & Divorce – Part 4: Division of Property
When you meet with your lawyer or mediator, they will provide a questionnaire for you to complete which includes a list of all of your assets and debts. The following is a list of common types of property which you will have to provide details about: Real estate – matrimonial home, recreational properties, etc. including mortgagesPension Plan details – obtain a Statement of Division of … [Read more...] about What type of property needs to be divided when we decide to divorce?
If spouses hold property in joint names, the law presumes that you intend to share that property equally. When you and your spouse separate, once joint tenancy is severed, you will be presumed to each have an equal one-half interest in the property. Therefore, although it may be that one party did not contribute financially to the house during the relationship, that non-contributing … [Read more...] about If my spouse and I hold property in joint names, how does that affect the division of property on separation and divorce?
While you are working, you will acquire CPP credits to you as an individual. Similarly, your working spouse will accumulate CPP credits. The number of credits you receive is based on your income level. These credits are considered to be assets when you and your spouse separate. Just like your vehicle or your house, these CPP credits may be split between you and your former … [Read more...] about What happens to my Canada Pension Plan when I separate from my spouse?