There’s a new Act coming into force on January 1, 2020 – the Family Property Act – replacing the current Matrimonial Property Act. The biggest change is that this legislation now gives unmarried separating couples in Alberta the right to automatically divide their assets and debts. This is huge – until now, these … Continue reading Changes are Coming for Unmarried Separating Couples in Alberta – Jan 1, 2020
Is this news to you? I just read about a survey conducted by BMO in August 2011 of Canadians going thru divorce suggesting that financial security over the short- and long-term are of primary concern when deciding whether to split from their spouse. The top 3 concerns were: the family home (53%), pensions … Continue reading News Flash: Finances are a Top Concern for Divorcing Couples
Can “sharing” and “divorcing” go together in the same sentence? As you work out your parenting plan, and determine where the kids are going to live, have you come to impasse where you truly believe that you cannot come to an agreement on who will get the kids when and for how long? … Continue reading Sharing Post-Divorce – For The Kids’ Sake
Before deciding which spouse will keep what property, spouses must determine whether their property is inside or outside the realm of “divisible” property. The determination may be different depending on which side of the Alberta / Saskatchewan border you are on. The one important difference is that the Alberta Matrimonial Property Act applies … Continue reading 4-Part Series: Aspects of Separation & Divorce – Part 4: Division of Property
When you meet with your lawyer or mediator, they will provide a questionnaire for you to complete which includes a list of all of your assets and debts. The following is a list of common types of property which you will have to provide details about: Real estate – matrimonial home, recreational properties, … Continue reading What type of property needs to be divided when we decide to divorce?
If spouses hold property in joint names, the law presumes that you intend to share that property equally. When you and your spouse separate, once joint tenancy is severed, you will be presumed to each have an equal one-half interest in the property. Therefore, although it may be that one party did not … Continue reading If my spouse and I hold property in joint names, how does that affect the division of property on separation and divorce?
While you are working, you will acquire CPP credits to you as an individual. Similarly, your working spouse will accumulate CPP credits. The number of credits you receive is based on your income level. These credits are considered to be assets when you and your spouse separate. Just like your vehicle or your … Continue reading What happens to my Canada Pension Plan when I separate from my spouse?
Before you get too far into your thinking of what solutions you want as far as your post-separation life, you should figure out how you want to get divorced. There are 3 common approaches you can use. At the very least, I recommend that you become informed about these process choices so you … Continue reading Divorcing This Year? Consider Your Options
In Alberta, new legislation was passed on February 1, 2012 with sweeping changes to how marriage and divorce affects your will. It used to be that entering into a marriage or an Adult Interdependent Partner Agreement revoked any existing will. Under the new legislation, these events do not revoke an existing will. However, … Continue reading Do I have to update my will upon getting married or getting divorced?
Yes. It is very common in separation agreements or court orders to separate property that RRSPs are also subject to a division, or effectively redistribution, between former spouses. Canada Revenue Agency (CRA) imposes certain technical requirements on you and your spouse before it will allow such a division. The first hurdle: you and … Continue reading Can my wife and I divide our RRSP money without feeling the tax consequences now?