Division of family property.

01

Properties that can be divided

The Family Property Act sets out specific guidelines with regard to the division of property of married and unmarried partners whose relationship has broken down and who cannot agree on the division of their assets. Family Property includes items such as:

• The matrimonial home
• Household goods
• RRSPs and employment pensions
• Business interests
• Investments, stocks, bonds
• Vehicles
• Property used for mutual benefit of both partners
• Property purchased during the marriage or relationship
• Property brought into the relationship

Family Property does not include:

• Property acquired by one spouse or partner before the marriage
• Gifts
• Inheritance
• Awards or settlements that are designated for one spouse or partner, such as money paid for pain and suffering in an accident

There are many intricacies and exceptions regarding family property that you will need to know when you’re dividing your assets. Our experienced divorce lawyers can be incredibly helpful when determining how to divide assets.

02

Dividing the family home

For many families, the home is both one of their largest financial assets and a place with significant personal meaning. There are several ways to address the home after separation, including selling it, one party purchasing the other’s interest, or reaching another arrangement as part of the broader property settlement.

The right approach depends on factors such as equity, financing, other family property and each person’s circumstances. At Richmond Tymchuk Family Law LLP, we’ll help you understand the legal and financial considerations before you decide.

03

Complex property, businesses & financial interests

Property division can become more complicated when a family owns a business, professional practice, investment portfolio or other significant financial interests.

Determining an appropriate value may require detailed financial disclosure and, in some matters, assistance from business valuers, accountants or other financial professionals. Complex property matters require careful attention to an asset’s current value and the financial consequences of different settlement options.

Our lawyers are experienced with complex family property matters, including businesses, professional practices, investments, pensions and other substantial assets.

04

Property division for common-law partners

Alberta’s Family Property Act also applies to qualifying adult interdependent partners. Since January 1, 2020, these partners generally fall under the same legislative property-division framework as married spouses when they meet the applicable requirements.

There are important rules around who qualifies as an adult interdependent partner, when the relationship began, and the time available to bring a property claim. If you are separating from a common-law partner, you should address whether these rules apply to you early.