When you get a divorce one of the major issues you’ll deal with is the division of property. The law requires that each spouse get a roughly equal share in the assets.
While this sounds simple there are many ways that it can get complicated. Property rarely shares a fixed dollar amount that can simply be split in two. For example, property sometimes appreciates or depreciates. Property can also have sentimental or utilitarian value that both spouses want to hold on to.
The lawyers at Merchant Law can help you get a fair deal from your divorce.
Who gets the house in a Manitoba divorce?
The house is usually considered to be the most important family asset. Spouses may not sell, rent, or mortgage the family home without the agreement of the other spouse. The divorce agreement should outline who has the right to live in the house, or whether the house will be sold and the proceeds split between both spouses.
It’s worth noting that holding onto the house is sometimes a bad idea. After a divorce, your ability to pay the expenses associated with holding the house may be severely compromised. Make a thorough survey of your expected post-divorce income before fighting to keep the house. You may want to keep it for the sake of the children or for the sake of keeping the children in a certain school district, but a foreclosure won’t meet those goals in the long run, and financial strain won’t be good for the children either.
Not sure what to do? Speak to your divorce lawyer about your specific situation.
How is property divided in a divorce in Manitoba?
The division of property is governed by the Family Property Act. It covers all family assets, including the family home, money in any bank accounts, insurance policies, stock shares, or real property. It also covers instances where an asset is owned by a “corporation, partnership, or trustee, would, if it were owned by a spouse or common-law partner, be a family asset.”
It covers only marital assets, that is, assets acquired while the marriage was in progress. If you had an asset from prior to the marriage it may not be marital property, but much will depend upon how you handled that asset after the marriage commenced.
Ideally, the assets are split 50/50. When this isn’t possible, the spouse who took the greater share of assets may be required to make an equalization payment to cover the difference.
Note that both spouses are entitled to a calculation of all assets and debts, and attempts to hide assets can backfire. The judge can apply sanctions and fines, or has the power to give the entire value of the hidden assets to the wronged spouse.
Is inheritance money split in a divorce in Manitoba?
It depends on whether you’ve comingled the inheritance money with marital assets. If you’ve kept the inheritance completely separate, in an account under your own name, then it will be considered non-marital property and won’t be touched.
You can expect your ex to try to make the case that your inheritance is a marital asset. You’ll need your lawyer to help you defend this important asset.
Why choose Merchant Law for your divorce in Winnipeg?
We’re hard-nosed negotiators and skilled litigants capable of making sure your divorce settlement is truly equitable. Believe in us and we’ll fight for you.