Part 5 and Part 6 of the BC Family Law Act divides BC Property, but not foreign property. It is necessary to identify what items makeup “family property,” and what is “family debt,” or whether items fall under “excluded property,” which will not be subject to division.
Excluded property includes property that one party owned prior to the start of the relationship, [or the value of that property at that time]; inheritances and gifts; personal injury settlements for future care; and some business interests.
Each item of property must be assigned a value. The Family Law Act sets out a presumption that both parties will walk away with items of equal value; however, in exceptional circumstances, an unequal division of family property is appropriate.
Property division is an appropriate subject for negotiation, as many considerations may affect how items are eventually divided. Factors include: whether the division of the item is possible, whether division disrupts an essential source of income, whether a sale is impossible, whether the passage of time has resulted in an unequal contribution to the asset's current value, or whether tax consequences may affect sale value.
An experienced lawyer helps you gain the best possible outcome during negotiations. As experienced mediators, call us to discuss your proposed settlement before signing any documents.