Property division is one of the major issues you’ll have to resolve during your Alberta divorce. Both you and your spouse are entitled to a roughly equal share of the marital property.
While that sounds straightforward in theory, in practice it rarely is. What happens when assets aren’t liquid? When they’re likely to appreciate or depreciate in value? When both spouses care deeply about hanging onto it for sentimental reasons?
It isn’t hard to see how property division can swiftly become quite complex. The legal team at Merchant Law is here to see you through this intense and difficult process. With our help you can walk away from your divorce with an equitable settlement that truly addresses your needs.
Who gets the house in an Alberta divorce?
It is possible for either spouse to get exclusive possession of the family home. If you want that person to be you, then you might have to give up something else in exchange.
It may be desirable to sell the house and split the proceeds instead. Some of our clients find they can no longer afford the house after the divorce is done. It’s important to do a careful review of your projected post-divorce budget so you can determine whether keeping the house is the right move. It’s a powerful bargaining tool, and you might come out ahead if you let it go to your spouse instead.
How do I protect my assets during an Alberta divorce?
Non-marital assets are already protected under Alberta law so long as they have never been comingled with marital assets. You can protect these assets by reaching out to an experienced Alberta divorce lawyer that can help counter claims that these monies or pieces of property have become marital property during the course of your marriage.
However, there is no good way to “protect” your marital assets. Your ex has an equal right to the assets of the marriage, period. Hiding assets will backfire. It’s important to resign yourself to the idea that you’ll be taking “everything.” Family court judges must still review all divorce proceedings, and will reject settlements that fall too far outside of the guidelines set by existing Alberta law.
Instead, you will be negotiating your way to the most equitable arrangement available to you both.
Why Merchant Law?
We understand the complex issues that can arise while trying to divide marital assets during the course of a divorce. We have decades of experience in family law, and there are few situations we haven’t seen. We can alert you to the tax implications of certain decisions, and can help you both draft and identify reasonable settlements.
Ultimately, our goal is to ensure that the property settlement you receive is truly equitable and is as satisfactory as possible.
Ready to get started? Contact our offices today for a free consultation. We’d love to hear about your unique situation, to answer your questions, and to discuss next steps.