Division of Assets and Debts

Dividing Assets and Debts acquired during the relationship can be straightforward or complicated depending on circumstances and the willingness of the parties to be reasonable.

Recent changes to Alberta legislation, treats assets and debts acquired during a common law relationship in the same way as during marriage.

Assets such as investments, real estate, businesses, pensions, farms all have their own rules.

Some values might be exempt from division such as assets that were held prior to the relationship, or inherited, received as a gift or a personal injury settlement.

Debts which are personally guaranteed, family debts, or debts which existed prior to the relationship can be treated differently.

The possibility of bankruptcy or consumer proposals have significant impacts on the outcome.

While google is good for an overview, different countries and provincial rules leave many people attempting to make decisions with incorrect facts. Peak Family Law can help you determine a fair division of assets and debts in your particular circumstance.

Call 780.809.1059 to arrange a consultation (phone, virtual, or in person).

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