Canada Family Law

Have a Canadian family law question? Ask a family lawyer.

Ask an Expert,
Get an Answer ASAP!

Trying to understand division of assets during divorce in…

Customer Question
Trying to understand division...

Trying to understand division of assets during divorce in BC?

Lawyer's Assistant: Were any of the assets acquired before the marriage? Or given through an inheritance?

This is purely money in the bank. Is the division 50/50 on all money in seperate bank accounts (not gift, inheritence etc) or only on the amount acquired together in a joint account?

Lawyer's Assistant: Where are you located? Divorce laws vary by state.

BC

Submitted: 9 days ago.Category: Canada Family Law
Show More
Show Less
Ask Your Own Canada Family Law Question
Answered in 6 hours by:
8/6/2018
Family Lawyer: Legal Ease, Lawyer replied 9 days ago
Legal Ease
Legal Ease, Lawyer
Category: Canada Family Law
Satisfied Customers: 105,968
Experience: I am a practicing lawyer and have also been an online professional for 5 years.
Verified

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

Ask Your Own Canada Family Law Question
Family Lawyer: Legal Ease, Lawyer replied 9 days ago

I am sorry to hear of this difficult situation.

How long have you been married for and if you lived together first how long did you live together for?

Ask Your Own Canada Family Law Question
Customer reply replied 9 days ago
Thank you! We were together for 5 years, 1 of which we were married for. We formally lived together after 1 year together.
Family Lawyer: Legal Ease, Lawyer replied 9 days ago

Then how asset division works is that you share equally in the value of all assets acquired during the relationship excluding gifts and inheritances. You also share equally in the increase in value of the assets that were brought into the relationship.

So you take what is in your name (taking 1/2 for a jointly held asset) and total the value and from that you subtract debts, gifts, inheritances and the value of any asset owned by you the day you started the relationship. You do the same for your spouse. If one of you has a higher amount that person pays an amount to the other spouse to equalize your totals.

Does that help as a starting point?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Ask Your Own Canada Family Law Question
Customer reply replied 8 days ago
Sorry, so to clarify, it is 50/50 of all cash (minus gifts, inheritance etc) earned during the time together (regardless of whose name it is in?). And then is that the 5 years we were together, 4 years we were living together? 3 years where (in doing my reading we were common law relationship) or the 1 year we were married?
Family Lawyer: Legal Ease, Lawyer replied 8 days ago

Common law spouses have the same rights as legally married spouses so the full 5 years counts but that is not what you look at.

You look at what you have on the date of separation. What is in your name. Take the total value. From that subtract an gifts and inheritances, any debts and the value of any assets at the date you started cohabiting. Do the same for your spouse. Compare those totals.

Ask Your Own Canada Family Law Question
Customer reply replied 8 days ago
let’s say he has $0 in his account when we started dating. No debt but no assets. I have $300k in my account when we started dating (minus gifts etc) but only $100k of that earnt when we started cohabitating one year later. We then have a mutual account of $300k accumulated whilst dating. Is this example, upon separation is this division $300k per person? Or is it $200k from when we first start cohabitating after one year together?
Family Lawyer: Legal Ease, Lawyer replied 8 days ago

You take the value of what you had when you started cohabiting. That is subtracted from your total now.

It has nothing to do with when you started dating.

So if there was a joint account together on the date you started cohabiting you each take 1/2 of that as the assets to be subtracted from the total.

Ask Your Own Canada Family Law Question
Family Lawyer: Legal Ease, Lawyer replied 7 days ago

Is there anything more I can help you with at this point in time?

Ask Your Own Canada Family Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a family lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Legal Ease Your Own Question
Legal Ease
Legal Ease
Legal Ease, Lawyer
Category: Canada Family Law
Satisfied Customers: 105,968
105,968 Satisfied Customers
Experience: I am a practicing lawyer and have also been an online professional for 5 years.

Legal Ease is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Your Expert confirmed everything that I had been told, and didn't want to believe. Thank you for putting my mind at rest.

MonikaCanada

This has been very helpful. I'm glad to see that lawyers and sites like this exist. Thanks for your help.

MikeHalifax, NS

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

< Previous | Next >

Meet the Experts:

Tom B.

Tom B.

Barrister & Solicitor

78 satisfied customers

25 years in practice.

Legal Ease

Legal Ease

Lawyer

105,968 satisfied customers

I am a practicing lawyer and have also been an online professional for 5 years.

Jeremie John Martin

Jeremie John Martin

Lawyer

49 satisfied customers

I'm a bilingual attorney for the province of Quebec who goes to Court often for many clients.

Law Maven

Law Maven

Lawyer

20 satisfied customers

Lawyer & Instructor at Algonquin Careers Academy

LawyerProfessor

LawyerProfessor

Lawyer

836 satisfied customers

Experienced Litigation Lawyer in Ontario since 1999 and NY since 1997

Sokkalaw

Sokkalaw

Lawyer

312 satisfied customers

Lawyer in Ontario, Canada

CaptanLaw

CaptanLaw

Lawyer

256 satisfied customers

I'm a criminal defence lawyer, who assists individuals charged with crimes.

< Previous | Next >

Related Canada Family Law Questions
I need some advice on divorce. I want to ask my wife of 35
I need some advice on divorce. I want to ask my wife of 35 years for a divorce and have some general questions… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
Me and my wife is considering separation or divorce.
Hi!Me and my wife is considering separation or divorce.1.Marriage period: around 5 and 1/2 years Getting married on October 2011. 2. No kids.Questions: 1. We have a small business. I started this busi… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
The question is related to the family law of BC, Canada) We
The question is related to the family law of BC, Canada) We separated 3 years ago, but have not made an agreement or anything on paper yet. On the separation 3 yrs ago, we split the money on our joint… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
I left my husband about a year and a half ago. We are still
I left my husband about a year and a half ago. We are still business partners, and I have started my own business as well; but need to remain partners with him until I get established. Otherwise I can… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
I am a Canadian citizen and am having discussions about
I am a Canadian citizen and am having discussions about marriage with my girlfriend who is from Malaysia and is a Malaysian citizen. We are thinking of getting married in British Columbia, Canada, and… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
My wife and I are splitting up. A few years back she
hello, My wife and I are splitting up. A few years back she bought a cottage with money from her parents. after a couple years she told me I had to pay rent if i were to live there with her. at the ti… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
I have money in a TFSA that is inherited money. I am wondering
I have money in a TFSA that is inherited money. I am wondering if I move it to an investment account and my husband and I do seperate will that be considered shared money? I put it into the bank using… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
Im 48 yrs old and Im permanently disabled for 6 years now.
I'm 48 yrs old and I'm permanently disabled for 6 years now. My husband of 14 years left me. I need to know my rights regarding support and home equity etc.… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
Province BCA married couple buying a home with the husband
Province BC A newly married couple buying a home with the husband contributing 5% of the down payment and the wife contributing 20% of the down payment. The wife's money for down payment was earned be… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
What is the best way to protect my assets marriage
What is the best way to protect my assets and my own family's assets during marriage without the prenup ie family business, parents assets , parents properties that has my name on them all but want it… read more
Law.Hut
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
My wife and I have beeen together 24 years, 17 years of marriage.
My wife and I have beeen together 24 years, 17 years of marriage. Recently my wife has started a relationship with another man. She says she has not slept with him but I happened to receive a text mes… read more
Law.Hut
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
I want to know what rights do I have under a 6 years common
I want to know what rights do I have under a 6 years common law relationship. My partner is duel citizenship (Canadian/Vietnamese). He has been supporting me financially. 2 years ago, I've sold our ho… read more
Law.Hut
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
Id like to know about shared property in BC. Ive been marr
I'd like to know about shared property in BC. I've been married since 2006 and have been together since 1999! My husband had 2 children -22 and 33.Not living with us. I have no children.When we got Ma… read more
Law.Hut
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
Further to my question on the exception to the 50/50 split.
Further to my question on the exception to the 50/50 split. My farm company farms on a pooling basis with my father's farm company. The net profits from this pool is shared on a 50/50 split and has be… read more
Law.Hut
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
I am negotiating a separation agreement/divorce in Ontario. My
I am negotiating a separation agreement/divorce in Ontario. My question is: I own a company (incorporated), I put a lot of capitol into the company while married to my spouse. Right now I am not pulli… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
I just was seperated from my husband. I want to buy a house
I just was seperated from my husband. I want to buy a house and can do it on my own with out him. We share no expenses or bank accounts. We've only been married a year. Can I buy a house without havin… read more
Tom B.
Tom B.
Barrister & Solicitor
LLB Bachelor of Laws
78 satisfied customers
My ex and I recent got an uncontested divorce in Alberta after
My ex and I recent got an uncontested divorce in Alberta after completing a joint application. The divorce is final, and approx. 45 days after the required waiting period. There was no agreement betwe… read more
Legal Ease
Legal Ease
Lawyer
Doctoral Degree
105,968 satisfied customers
My wife asked to end the marriage. We still keep wedding dowries
My wife asked to end the marriage. We still keep wedding dowries (jewelery worth of $40,000) in a bank safe. She wants to keep them all since she believes she is entitled to all of it as a woman. I be… read more
Law.Hut
Law.Hut
Lawyer
Law degree (Juris Doctor)
6,458 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x