Most people accumulate a great deal of property during the course of their marriages, and getting it all divided up during your divorce can be a daunting task. Not all property is liquid, some has sentimental value, and a true 50/50 split is rarely possible.
Instead, you and your lawyer may have to engage in some creative problem-solving and negotiation to come up with a settlement both you and your ex might be able to accept. You also will want a tough family law litigator who is capable of making your case to a family law judge should the matter ultimately proceed to divorce court.
The team at Merchant Law can help. We have seen many different scenarios and can help you craft an equitable division of property arrangement that doesn’t leave you unduly disadvantaged.
How Property Gets Divided in a Saskatchewan Divorce
First, it’s important to determine which goods and assets were acquired after you were married. Any property you acquired after the marriage can be divided up. Anything you brought into the marriage with you is non-marital property. Anything you acquire after separating is also non-marital property.
Each spouse is entitled to 50% of the property. There are some circumstances which can impact this, including prenuptial agreement terms. You should consult with your lawyer to see what the best case and worst case of each scenario may be.
There is room for both negotiation and contention. 50/50 isn’t a straightforward division unless all of the property is sold and the proceeds divided. As this rarely happens there are other arrangements which may be made. For example, one side may take more of the non-liquid assets but choose to pay an equalization payment to the other, a lump sum which “buys out” their interest in that property.
Protecting Non-Marital Property
There are instances during which non-marital property can become marital property. For example if you get a large inheritance and use it on the marital home then the marital home’s value is still marital property. You don’t get a greater share of it because you paid off the mortgage with your inheritance.
It is entirely possible your spouse will try to argue that certain non-marital property falls under this exemption. We can help you protect what’s yours.
Who gets the house?
Either spouse could get the house, and the house is often a potent bargaining chip.
Yet before you decide you should be the one, it’s imperative that you look closely at your financial reality. Many people win the house in divorce only to lose it in foreclosure. In many cases, it is better to sell the house to lower the debt or split the proceeds, and then to move into smaller accommodations.
This is not always possible in situations where the children need to stay in the same school district, or for a variety of other reasons. Every situation is different. We’ll look closely at yours and advise you accordingly.
Why Merchant Law?
Our team is ready to help you navigate the complexities of dividing your marital property. To get started, just call us to ask for your free consultation. You’ll be paired with a family law lawyer who has decades of experience and a long track record of success.
Together we’ll discover if Merchant Law is right for you.