The division of family and marital property can be a complex and sensitive process. In Alberta, the Family Property Act governs the distribution of property and assets when a marriage or common law relationship ends. The specific circumstances of each case determine the division of assets and liabilities, and it is crucial to understand your rights and obligations under the law.
Given the complexities involved, it is strongly advised to consult with one of our lawyers before discussing the division of property and liabilities with your spouse. Our team can provide valuable advice on your rights and explain the necessary steps to ensure a fair and binding division of property. Understanding the legal framework and receiving our professional guidance can help you navigate this challenging time with greater confidence and clarity.
The Family Property Act governs the division of property for married and common-law couples. Upon separation, the Court aims to ensure both parties can transition to a self-sufficient, independent life without financial hardship. The division of family property is informed by a number of factors which are included in the legislation. While parties may reach an agreement which divides their property to their satisfaction in certain formalities must also be met for that agreement to be valid and binding. While incredibly nuanced, some considerations throughout the process include:
Under the Family Property Act, a property must be located in Alberta, owned or leased by one or both parties, and occupied by the parties at some point during the marriage or common law relationship to be considered the family home. The family home can be any type of property, including a house or part of a house, a condominium, or a mobile home.
In certain circumstances, a party can request an interim advance of funds from the family property before a final division order or agreement is in place. The decision to grant an advance is highly discretionary, with the Judge considering the specific facts of the case to determine if it is fair and prudent to allow such an advance.
“Exempt” property in a division of property arrangement includes assets brought into the marriage or relationship or inherited. However, any increase in their value during the marriage or relationship until the trial or settlement date is typically not exempt from division. All property distribution is done in a “just and equitable” manner, considering the contributions of both parties, the marriage or relationship’s duration, and their respective financial situations, among other factors.
Dower rights protect a spouse living in the marital home during the marriage but are not listed on the property title. These rights ensure protection for the spouse in the event of their partner’s death or the breakdown of the marriage.
The Family Property Act allows married or common law spouses to finalize a legally binding division of their property in any manner they choose, as long as the terms are documented in a written agreement that specifically identifies and values the assets and liabilities.
If one or both parties wish to remain in the home, this may require an application to the Court for exclusive possession of the home, typically as an interim measure.
Choosing the right family lawyer is a critical step in navigating legal challenges with confidence. Family Law is a dynamic and delicate practice that demands compassion, care, and communication. Our lawyers handle each case collaboratively, leveraging over 50 years of experience from the day of your free consultation to when your file becomes closed. Our initial consultation is designed to listen to your concerns, understand your goals, and offer clear, thoughtful guidance. We work hard to build a trusting relationship and offer the dependable support you need to move forward with peace of mind.
If you and your spouse or partner cannot agree on property division, seeking assistance from one of our lawyers can help negotiate a settlement. If parties are still unable to reach an agreement, the Court may intervene, deciding based on factors like each partner’s contributions and the length of the marriage or relationship.
The Family Property Act governs the division of property for married and common-law couples in Alberta. The act ensures a fair distribution of assets and liabilities, taking into consideration a number of factors, including but not limited to, the contributions of both spouses, the duration of the marriage or relationship, and any claims to exemptions.
Exempt property includes assets brought into the marriage or relationship, or any inherited assets insurance proceeds, lawsuit damages, or gifts from third parties. However, any increase in their value during the marriage or relationship is typically not exempt from division. Proof of any exemptions are required by the person who is claiming them.