Division of Assets and Debts
Family lawyers can serve as the best helping hand to get you out of the complexities in the division of assets and debts in the event of a divorce.
Dividing assets and debts acquired during the marriage/relationship can be straightforward or complicated depending on the circumstances and the willingness of the parties to be reasonable.
Recent changes to Alberta’s legislation treat assets and debts acquired during a common-law relationship in the same way as during marriage.
Assets such as investments, real estate, businesses, pensions, and farms all have their own rules.
Let The Best Family Lawyers Handle Your Assets And Debts Separation
The assets that do not qualify for division between the spouses during a divorce are often termed separate assets. If you have a prenup agreement that clearly categorizes the marriage assets and separate assets, the process will be easy. The assets termed separate assets usually include:
- The assets that were held prior to the relationship.
- Inherited assets
- Received as a gift or a personal injury settlement. Remember, the gifts received are not considered marital assets. However, the increase in the value of the gifts during the marriage period is considered a marital asset.
Similarly, debts on an individual can also be considered non-divisible in some instances, such as:
- Debts that are personally guaranteed
- Family debts
- Debts that existed prior to the relationship can be treated differently.
Why Do You Need A Professional Family Lawyer?
While Google is good for an overview, different countries and provincial rules leave many people attempting to make decisions with incorrect facts. The complexities in financial matters can even disturb some experienced accountants. You need to be well-versed with the local law to get your interest secured. Hence, a professional and experienced family lawyer in Edmonton can be a lifesaver.
Peak Family Law can help you determine a fair division of assets and debts in your particular circumstance.
Call 587.489.5751 to arrange a consultation (phone, virtual, or in-person).