Dividing Assets Archives | Collaborative Divorce in Alberta

Dividing Assets

02/13/19

Important changes coming to Division of Property for Common Law Relationships

The division of property after separation in a common law relationship is going to change dramatically in Alberta on January 1, 2020. After this date, common law couples will have the same rights to property as married couples as a result of Bill 28 which will amend the Family Law Act in Alberta. That means that they will share all property accumulated during the common law relationship on a 50-50 basis after separation unless there are assets which are exempt from shared division, but these exemptions will be the same as for married couples. Family law in Alberta has always treated common-law couples differently than married couples. At present, common law couples, after separation, must rely on arcane legal doctrines to divide any property accumulated during the relationship. This includes resulting trusts, constructive trusts, unjust enrichment and other family law claims which are complex and provide vast discretion to the judge hearing the case. On the other hand, married couples, upon divorce or separation, can rely on the matrimonial property act which outlines a simple formula for the division of matrimonial property. All property accumulated during the marriage is divided 50-50 between the parties unless it meets one of the...

11/20/18

Posted by:
Krista Rumberg AMP

Separation & Divorce Can Be Tricky for Your Finances

There’s nothing enjoyable about a separation/divorce, regardless of who initiated the action. But life happens, and people need to move on. I began specializing my mortgage brokering business on servicing the needs of those going through separation/divorce after personally having to navigate the processes alone. It was a very humbling experience having to ask my parents to co-sign my mortgage in my 30’s. That was my driver to find another way, so nobody else had to go thru what I did. I help homeowners split their marital home and educate my clients so they can create financial independence and own...

11/05/18

Posted by:
James Samaroden R.A.

Promptly exchanging all financial disclosure is key to a quick resolution

If your goal is to avoid court and come to a quick resolution about the division of the matrimonial property between you and your spouse, then it is important to know that you and your spouse must exchange a list of all your assets and debts, as well as any supporting documentation that either one of you would like to see. Under the Matrimonial Property Act (“MPA”) of Alberta you and your spouse can divide your property in any manner you agree, provided that: You understand the agreement that you have reached; and You follow the formal requirement of the...

03/21/17

Posted by:
Holly Brady CFP, CDFA

The “Grey Divorce” & Retirement

A growing trend in the the divorce rates in Canada appears to be for middle age or older adults. Thus the term “grey divorce”. There are many concerns that middle age or retired couples may have with regards to splitting their retirement assets and adjusting their retirement goals. If the divorce is close to their anticipated retirement age, they may have less time to recover and rebuild their individual retirement plans post-divorce. As a Certified Divorce Financial Analyst and Certified Financial Planner professional, the most common questions I get asked is: How much will I be able to retire on,...

07/23/15

Posted by:
Jack Hauptman

Dividing property in Divorce – What Alberta divorcing couples need to know

When a couple is separating or divorcing one of the most important issues that must be dealt with is dividing the property that they acquired during their relationship. Property: People often think that property refers only to homes, or land. The term “property” actually means anything that is owned by either one of the parties, or both of them together. Some obvious examples of property are the home in which they live, other land, real estate, recreational property, or timeshares. It also includes financial assets like bank accounts, term deposits, stocks, bonds, stock options and life insurance. More examples of...

07/23/15

Posted by:

How a Certified Divorce Financial Analyst can help you divide assets in Divorce

A Certified Divorce Financial Analyst is an important member of your team of professionals that will help you navigate your divorce. A CDFA is your “financial coach” and will help you with the financial end of things. One of the first steps is to work with a client and lawyer to prepare an asset list separating the wife, husbands and their joint property. Property includes everything that was acquired (except by gift or inheritance) between the date of marriage and the date of separation or valuation date. Likewise, the debts are listed. Generally clients will have options of how the...

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