There are many things to consider during a divorce, but one of the most fundamental is "Who receives what?" The distribution of property can be highly contentious for some couples, but it goes more smoothly for others.
Different provinces and territories may have different laws governing the division and/ or equalisation of family or marital property. This article gives a basic overview of the matrimonial property division under Family Law in Lethbridge.
What is the general rule for marital property division in Canada?
Marriage is viewed as an equal partnership by the law. So, whether a spouse is in charge of managing the home or providing for the family, their contribution to the union is equally crucial. When a marriage dissolves, the partnership breaks down, and property must be split in accordance with Family Law in Lethbridge.
The value of any property acquired during the marriage and still possessed upon separation shall be shared equally between spouses, according to the standard rule for this division. The respective spouse may retain any property brought into the marriage, but any appreciation in the value of such property throughout the marriage must be shared.
What are the methods for the division of matrimonial property?
Any matrimonial property may be distributed in one of two ways:
1 – If the couple can come to an agreement
If both spouses can agree on the division of property, they can have their family lawyers in Lethbridge prepare a contract to document the arrangement. The governing document for y our property agreement may be referred to as a Separation Agreement, Separation Contract, Divorce and Property Contract, or Minutes of Settlement.
Every asset possessed by either spouse must be fully disclosed. Before you sign the contract, each party must sign it individually in front of their attorneys. Each attorney must sign a certificate attesting to the fact that they provided independent legal advice.
2 – If both spouses cannot agree on the division
In this situation, the parties have the option to ask the court to issue an order dividing your marital property.
They can begin their legal process by submitting a Statement of Claim to the Court under Family law in Lethbridge. A property distribution claim must be purchased within two years of the divorce judgment's issuance.
Each spouse must give the court and the other spouse a Statement of all property they jointly or solely own. The property sold or given away within a year of the application for property distribution must be listed in the Statement.
Concluding note
You can represent yourself in court if you so want. It's crucial to realise that judges and court personnel are not permitted to provide you with legal counsel regarding Family Law in Lethbridge. You can better grasp the procedure and your rights related to dividing property with the aid of family lawyers in Lethbridge. Stringam LLP can provide you with experienced lawyers with expertise in Family Law in Lethbridge.
Mark Josh is the author of this article. To know more about Wills and Best Real Estate Lawyer in Grande Prairie please visit our website: stringam.ca
