Divorce is undoubtedly one of life’s most challenging experiences. When a marriage ends, numerous decisions must be made often under the pressure of emotional turmoil. Among these decisions, property division stands out as one of the most critical aspects. It’s not just about who gets what; it’s about ensuring that each party receives a fair share reflecting legal standards and individual circumstances.
Family lawyers in Edmonton play a crucial role in guiding their clients through the complex process of property division. They offer legal expertise and the support and understanding needed during such a difficult time. In this blog, we’ll explore how professional family lawyers approach property division in divorce ensuring a fair and equitable outcome for all involved.
Property Division In Alberta
Property division in divorce refers to the legal process of dividing assets and debts between spouses. This includes everything from the family home to bank accounts, investments and personal belongings. In Alberta, property division is governed by the Family Property Act, which outlines the principles and procedures that must be followed.
The Family Property Act
The Family Property Act of Alberta is designed to ensure that property division is fair and just. It recognizes that both spouses contribute to the marriage in various ways, whether financially or otherwise. As such, the law aims to distribute property in a manner that reflects these contributions.
Under the Act, most assets and debts acquired during the marriage are considered “matrimonial property” and are subject to division. However, there are exceptions, which we’ll discuss in more detail later.
Key Factors In Property Division
Family Property Vs. Exempt Property
In Alberta, the distinction between family (matrimonial) property and exempt property is crucial. The family (matrimonial) property includes assets and debts acquired during the marriage, which are generally subject to equal division. Exempt property, on the other hand, includes assets that one spouse brought into the marriage or received as a gift or inheritance. Exempt property is typically not divided, though any increase in its value during the marriage may be.
Factors Influencing Property Division
The court considers several factors when determining how property should be divided, including:
- Length of the Marriage: Longer marriages may lead to a more equal division of property.
- Contributions to the Marriage: This includes financial contributions as well as non-financial contributions such as homemaking and childcare.
- Future Needs: The court may consider each spouse’s future financial needs, particularly in cases where one spouse may have sacrificed their career for the marriage.
- Any Prior Agreements: Prenuptial or postnuptial agreements can significantly impact property division.
Valuing Assets
Accurately valuing assets is a critical step in property division. This includes everything from real estate to investments, pensions, and even personal items like jewelry. Family lawyers in Edmonton often work with financial experts to ensure that all assets are properly valued leaving no stone unturned.
Common Challenges In Property Division
Hidden Assets
Unfortunately, not all divorces are amicable. In some cases, one spouse may attempt to hide assets to prevent them from being divided. Family lawyers in Edmonton are experienced in uncovering hidden assets, and ensuring that all property is accounted for.
Disputes Over Valuation
Valuing assets can sometimes lead to disputes, particularly with items that have sentimental value or are difficult to appraise. We at Nexus Legal work with professionals who can value the property or assets in a fair manner. Family lawyers in Edmonton are skilled in negotiating these disputes often bringing in third-party appraisers to provide an unbiased assessment.
Complex Financial Situations
High net worth divorces or cases involving complex financial situations can present unique challenges. This might include business ownership, international assets, or complicated investment portfolios. Family lawyers in Edmonton have the expertise to handle these complexities ensuring that their clients receive a fair share of the property.
Also Read: The Role Of A Family Lawyer In Collaborative Divorce
The Importance Of Legal Representation
Divorce is a legal process that requires expert knowledge and experience attempting to navigate property division without a lawyer can lead to costly mistakes. Family lawyers not only provide legal advice but also emotional support helping clients make informed decisions during difficult times.
While some couples may consider a do-it-yourself (DIY) divorce, this approach is fraught with risks without the guidance of a family lawyer, it’s easy to overlook important details leading to an unfair division of property. Additionally, DIY divorces often lack the formal agreements necessary to enforce property division leading to future disputes.
About Us
At Nexus Legal, we understand the complexities of family law and are committed to providing our clients with the best possible legal support. Our experienced family lawyers in Edmonton specialize in property division, divorce, child custody, and spousal support offering personalized legal services that cater to your unique needs. We offer virtual consultations to ensure that you can access our services wherever you are. Contact us today to learn how we can assist you during this challenging time.
587-855-0008
