Here’s everything you need to know about property division rules.
Not all relationships are destined to last forever. When the breakdown of a marriage or relationship happens, it can be difficult to figure out who walks away with what. If the time comes that spouses or adult interdependent partners decide to go their separate ways, there are several things to consider with property division in Alberta.
When you are dividing your belongings and assets, things can be complicated if you and your ex-partner cannot agree on how belongings and property should be divided. That is where legal matrimonial asset division comes into play. If you and your spouse cannot agree on how things should be divided, it may be time to call a family lawyer with experience in asset division.
With the assistance of a skilled divorce lawyer, you will be able to make sure that your rights, property, and belongings are protected. Have you been seeking a divorce lawyer in Edmonton that offers legal advice for married couples and adult interdependent partners concerning marital/family property division? Look no further! The professionals at our law office are here for you! Call today and let us help you at any stage of the matrimonial division of assets process.
Any property that was acquired by either spouse through the course of the marriage is considered matrimonial property. This includes the matrimonial home, any other homes, and any land that was acquired by one or both spouses. This can also include other types of property, estate or assets of significant monetary value.
Certain types of property are excluded from equal division. After the end of a marriage, this excluded property is called exempt property. These types of exempt properties are usually acquired before the marriage first began. Exempted property may also have been inherited or given as a gift to one spouse during the marriage.
Adult interdependent partners and common-law couples can also legally divide their assets after a breakup. After revisions were made to the Matrimonial Property Act, the new Family Property Act was introduced in January 2020. With this Act, couples who are unmarried are eligible for family property division similar to that of a divorced couple. These asset division decisions are often made based on common law legal doctrines and applied precedents. So, even if you are not married, your family law lawyer can assist you with the distribution of your family property.
In Alberta, there have been recent updates to the Family Property Act. This act was formerly known as the Matrimonial Property Act. Additionally, Bill 28 of the Family Statutes Amendments Act of 2018 was passed to help make it easier for unmarried partners to divide their property in the province of Alberta. This bill also makes it clear that all parents whether married or unmarried can apply for child support for their adult children. or adult children with disabilities .. Additionally, Bill 28 repeals the Married Women’s Act. As this new legislation recognizes the Canadian Charter Rights and does a better job of reflecting the needs of women in today’s society, the Married Women’s Act is no longer applicable..
The Dower Act impacts Family Home rights. The Dower Act applies to the family home or certain real estate that one partner owns or that either partner has lived in during the marriage. With this Act, the family home may not be sold, rented, or gifted, without the consent of both spouses, for a minimum of three years.
A family law lawyer can assist you in navigating your Dower Rights. Contact Chahal Raj Law for more information.
In some instances, property and assets acquired before the marriage began are exempt from the process of Matrimonial Asset Division. However, each exempt property situation is slightly different. As such, it is best to contact a skilled family law lawyer to determine whether assets acquired before the marriage are exempt from property division or not. This applies to either a common-law relationship or marriage in Alberta.
Contact our offices for dependable legal advice if you have been seeking a skilled family law lawyer in Edmonton. We can assist you with understanding the process of the division of property, exempt property, matrimonial property, and more. We can help adult interdependent partners or married couples with these issues. To find out how we can make the process of property division go smoothly for you, call (780) 447-2799 today.