Separation does not just mean emotionally separating from your partner; it also means separating your finances and physical possessions.
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.
Calgary Family Law Associates can help you get through this with as little hostility as possible. We will help you fairly and practically decide how to divide your assets, including the home you live in (known as the family home or marital home), vehicles, personal possessions, bank accounts, RRSPs, employment pensions, business interests and any other property you own.
Working Together To Become Separate
The lawyers in our association will help you inventory your debts and assets and reach an agreement on who gets what, in a fair and reasonable way. We will:
- Help you define the value of assets, by using outside valuators if necessary, especially for high-value or complex assets such as business interests, vacation homes and rental property
- Identify property exempt from division, such as gifts from third parties, inheritances and property owned before the relationship began
- Help resolve disagreements about when the relationship began or ended, which may happen in long-term relationships, or relationships in which there has been a past separation and reconciliation
- Determine what to do with your loans and other debts
- Discuss property that some couples do not realize is included in marital assets, such as whole life or cash value insurance, savings plans, pensions, stock options, Canada Pension Plan credits and family trusts
- Help identify dissipated property and how to deal with it
- Discuss the relationship between property division and spousal support
- Discuss possession of the family home
- Discuss how to divide and move forward with family businesses
- Discuss property division when one or both partners are contemplating or subject to bankruptcy proceedings
- Discuss the tax consequences of property division
We will work with you to find a resolution of the issues in dispute with your partner. If this is not possible, we will assist you in turning to the courts, or alternative dispute processes such as mediation and/or arbitration, to ensure that your rights are protected and that you are in a good position to move ahead with your life.