Family property is the property acquired during a marriage or adult interdependent relationship, formally known as common-law. It includes all assets and debts which are both shared fairly.
The family home is property owned by one or both spouses or partners and occupied by both as the family home.
There are different ways to decide who lives in the family home after separation.
- You and your spouse or partner can decide that one of you will continue to live in the family home.
- The home can be sold, and you both decide to move.
- One spouse or partner can buy out the other’s share of the home, providing they can qualify for a mortgage.
- The children stay in the home and the parents leave the home when it’s not their parenting time with the children.
If you have children, you should base your decision on what is in the children’s best interest.
Sharing financial information is also called financial disclosure. You must provide your spouse or partner with information about all the property you own, including property you own with someone else, property located outside of Alberta, or any property that you got rid of in the past year.
Common financial assets:
- Bank accounts (joint and individual)
- Pension Plans
- Life Insurance Policies
- Family Home
- Additional properties (investments, rentals, condos, cabins, etc.)
- Inheritances and gifts
Physical Assets or household goods is personal property that is owned by one or both of you and used by the family, such as:
- Furniture and appliances
- Vehicles, trailers, boats, etc.
- Valuables (such as jewelry and art)
- Pets or animals
How to divide property:
- Make a list of all the properties and assets you own
- Value the properties and assets
- Share financial information
- Sort the assets into categories
- Decide how to divide the assets