Division of Property & Asset
At Thomas and Associates, our lawyers have the necessary expertise to assist you with complex property and asset matters. Our team of property and asset division lawyers understand it is sometimes a confusing process of dividing your assets with your spouse, but we can help you get through this with as little hostility as possible.
While it may seem that separating possessions should not be as difficult as separating lives, it can be emotionally wrenching and devastating to split what you have worked for together. Dividing property can also cause anxiety and resentment, which can quickly escalate into hostility and a legal dispute. We will help you decide how to divide your assets, including the home you live in, vehicles, personal possessions, bank accounts, RRSPs, employment pensions, business interests and any other property you own.
Division of Property:
Separation does not just mean emotionally separating from your partner, it also means separating your finances and physical possessions.
Asset division is an important part of divorce and separation. During a marriage, finances of both spouses are usually combined. At Thomas and Associates, we can help you to understand your financial rights when you get divorced or separated. We advise and represent people in both common-law relationships and marriages through the process of resolving issues connected to property and asset division.
In general, married people have a right to an equal share of matrimonial property upon divorce or separation. This includes assets acquired during the marriage. Specific examples include the matrimonial home, cars, household possessions, stocks, investments, and business interests. Employment pensions and RRSPs may also be divided, but they are subject to specific considerations.
Some assets, including inheritances, gifts and property one spouse had prior to the marriage, are excluded from asset division. During negotiation of a divorce settlement in British Columbia, unequal division of property is possible — other aspects of discussion, including spousal support, may affect how financial assets are allocated. The property and asset division lawyers at Thomas and Associates not only will guide you through the process of negotiation, but we will also be your advocates.
Common-Law Spouses Property Division
Different laws apply to people leaving a common-law relationship that lasted less than two years. People in these circumstances can pursue a claim for financial compensation or property division upon separation. In law, it takes the form of a trust claim or a claim for unjust enrichment. At Thomas and Associates, we can walk you through the steps of a common-law separation and your options for settlement.
One factor involved in dividing matrimonial property is that neither party can have it all. People forget that if you split your assets, no matter what that split looks like, neither person can have everything as it was before. When emotion is further involved, people can create more stress and problems for themselves. Setting up a Cohabitation Agreement when you first plan to move in together can be an effective tool in avoiding problems later.
Why Choose Thomas and Associates?
The team at Thomas and Associates understands the legislation governing matrimonial property division and property division of common law separations. Our property and asset division lawyers have the experience necessary to help guide spouses through the property/asset division process. We also understand that it can be a very emotional time for you and we try to support you through this process to help make good choices.
Consulting our experienced lawyers when your relationship has broken down will help you understand the process and what to expect. Whether you are married or common law, we can assist with your property/asset division needs. Let us help you understand your rights, and help you work toward a solution if your relationship has broken down.