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Property division can be challenging to sort out. When it comes to property division (or asset division) in B.C., there’s limited distinction between married and unmarried couples (two-plus year common-law relationship) and same sex partners. Unless you have a prenuptial agreement, each party is entitled to share in 50% of the value of all family assets as determined by the Family Law Act.
Types of property that may be considered family assets include:
Assets obtained during the parties’ relationship. For example, the family home, investment property and vehicles.
A corporation, partnership association, organization or business venture.
Income tax refund, GST refund, money on deposit in a financial institution, RRSP, or annuity.
Pension, income plan, any property deposed of during the relationship.
While equal division is standard, there are cases when courts divide family property unequally, based on the couple’s relationship history and finances.
