Spouses may have questions about the law and how to divide property at the end of a marriage. Family law can be complicated, and understanding the law, as well as your options, is an important first step. This article contains information for those who were legally married.
Matrimonial property refers to all property that accumulates during a marriage. The property can be jointly owned, or can be owned by one spouse. When couples divorce, matrimonial property is usually divided equally between the spouses. Most of the time, property and debt and divided 50/50. Some property may be exempt, whereas you may be able to share other property on something other than a 50/50 basis.
In Alberta, the Matrimonial Property Act governs how property will be divided if a marriage breaks down. It applies only to those who have been legally married, and it gives couples the option of determining their own property settlement rather that going to court. When it comes to dividing matrimonial property, the Act doesn’t use “fault” to evaluate each spouse’s entitlement.
Married couples can enter into agreements about how property will be divided should their marriage end. Such agreements can be made at any time during the relationship, including after separation; however, the agreement must fulfill the requirements of the Matrimonial Property Act. This ensures that it is enforceable.
There are various types of property agreements, from those a couple may determine themselves, to mediation, collaborative family law and court. For the purposes of this article, we will assume that you and your spouse have come to a settlement agreement yourselves.
If you and your spouse have a pre-existing agreement outlining division of property, follow these steps.
Once you and your spouse have come to an agreement, you need to ensure that it is enforceable. This means that you and your spouse must each meet with a separate lawyer and acknowledge that
Lift Legal can draw up a contract that provides the details of your property agreement. This contract may be called a Separation Agreement, a Separation Contract, a Divorce and Property Contract, or Minutes of Settlement.
You and your spouse must each have independent legal advice regarding the agreement for division of property: after reviewing the contract with you, each lawyer will sign a certificate of independent legal advice. Your lawyer will also tell you what rights you have under the Matrimonial Property Act and what rights you can contract away.
Property division is complicated. Consult with the Lift Legal team of family lawyers. We’ll work to protect your rights, help you understand what rights you may or may not be giving up, and ensure that the prepared contract is legally binding.
Disclaimer:
The information on this blog and website is provided by Lift Legal for educational purposes only. It is intended to give readers a general understanding of the law, not to provide specific legal advice. Information contained in these pages should not be used in place of competent legal advice from a licensed, practising lawyer in Alberta. Furthermore, by using this blog and website, you understand that no lawyer-client relationship exists between you and Lift Legal.
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