Dealing with a divorce is already a very stressful situation and on top of that if you have to manage finances it makes the whole process even more difficult and tiring. Therefore it is better to hire a professional certified family lawyer to get the necessary help in the division of your debts and assets after a divorce.
In the courts of Edmonton, it is presumed that the property is equally divided among the married spouses and this presumption is based on the Matrimonial Property Act.
However, there are some exceptions that can be used if you don’t want to include something in your division process. But for that, you will need to first satisfy the court regarding why these assets should be excluded.
Another common question that comes to mind during the division of assets after a divorce is whether you can protect your inheritance after the divorce or not.
In this blog post, we will attempt to answer this question in detail.
What Things Are Considered As A Gift In Divorce?
Inheritance and gifts are certain things that can be exempted from the property division of married couples as long as those gifts or inheritance are not used for the benefit of the family.
For instance, if one spouse inherited a cottage but then the cottage is maintained and used for family vacations during the marriage then that cottage can’t be exempted from the property division after marriage.
Although the cottage was inherited by one spouse since it was used for family vacations it can no longer be exempted from the property division.
This type of property division is considered unfair sometimes as it was the inheritance of one spouse. Property division situations are very fact-specific so to tackle such situations you should hire a certified family law lawyer.
Certified family law lawyers are experienced in handling matrimonial property division and will help make the whole process of assets and inheritance division easy and smooth.
Also according to the Matrimonial Property Act, anything that is gifted during the marriage will be equally accounted for and will be equally distributed among the spouses.
Therefore any gift given to you by your spouse on your birthday or wedding anniversary will be considered as marital property and will be equally divided among you and your partner after the divorce.
Divorce And Inheritance
After the divorce or separation, there are always some steps that you can take to protect your inheritance. The first thing you should do is keep proof in the form of documents that you have received a certain property or thing in inheritance.
These documents can be any will or property letters from the Estate. Since courts run on facts and require proof, having these documents will make your case stronger and you will be able to keep your inheritance after the divorce.
Another way to protect your inheritance is by going to a marriage court with your spouse if you are still married and entering a cohabitation agreement. What this cohabitation agreement does is that it provides more protection to your inheritance and you can take it in control if needed after separation.
But the best way to handle all these monetary situations is by hiring a certified family law lawyer, as he/she will assist you according to your situation and will give you the best advice.
The division and protection of your inheritance largely depends on the circumstances you are in, each case is different from the other so it is better that you get the help of a professional.
About Peak Family Law
Peak Family Law is an experienced family law firm based in Edmonton, Alberta. We help couples reach suitable separation agreements throughout Edmonton and its surrounding areas. Peak Callihoo Bergsma & Associates is a specialized firm helping families resolve family law matters, including divorce, parenting time, division of assets, family violence, separation, and prenuptial agreements. We have experienced lawyers who can help you resolve your conflicts more peacefully. Contact us today for expert legal advice.