What items can be divided as part of Family property in Alberta?
In Alberta, Canada, the division of family property during a separation or divorce is governed by specific laws and regulations. When a marriage or adult interdependent relationship ends, the property accumulated during the relationship is typically subject to division. The following outlines the key categories of items and assets that can be divided as part of family property in Alberta:
Real Estate as part of Family property in Alberta
This includes the family home, vacation properties, rental properties, and any other real estate holdings. The value of these properties is usually based on the market value at the time of separation.
Vehicles and Personal Property as part of Family property in Alberta
Cars, boats, recreational vehicles, and other similar assets are included. Personal property like furniture, electronics, and jewelry are also considered.
Bank Accounts and Cash as part of Family property in Alberta
This includes all savings, chequing accounts, and cash holdings. Joint accounts are typically divided equally, while individual accounts may be subject to division based on contributions and other factors.
Investments as part of Family property in Alberta
Stocks, bonds, mutual funds, and other investment accounts accumulated during the relationship are subject to division. The division is based on the value of these investments at the time of separation.
Retirement Savings and Pensions as part of Family property in Alberta
RRSPs, pensions, and other retirement savings are considered family property. The division of these assets can be complex and may require actuarial valuations.
Business Interests as part of Family property in Alberta
If one or both spouses own a business, the value of the business interest is included in the division. Valuing a business can be complex and often requires professional appraisals.
Debts and Liabilities as part of Family property in Alberta
Debts incurred during the relationship are generally divided between the parties. This includes mortgages, car loans, credit card debts, and other liabilities.
Inheritances and Gifts as part of Family property in Alberta
These are generally not included in the division unless they have been commingled with family property or used for the benefit of the family.
Intellectual Property as part of Family property in Alberta
Any intellectual property rights acquired during the relationship, like patents or copyrights, can be subject to division.
Insurance Policies as part of Family property in Alberta
Life insurance policies, particularly those with cash value, may be considered in the division of assets.
It’s important to note that the division of property in Alberta is based on the principle of equitable distribution, which means that the division is fair but not necessarily equal. Factors like the length of the relationship, the contributions of each spouse, the needs of each spouse, and the care of children can influence the division.
Legal and financial advice is essential in these matters, as the division of family property can be complex and subject to specific legal requirements and procedures. Professional appraisals and valuations are often necessary to accurately assess the value of certain assets. Furthermore, any agreement on the division of property should be formalized in a legal document to ensure enforceability.
