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The real estate market’s impact on divorce settlements

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, March 30, 2016.

Because the family home is often the most valuable asset a divorcing couple has, it’s common for there to be disagreements over who should get to stay in the house. While the booming housing market and increasing property values may sound like a good thing to most, it can mean added stress and more difficult in property division for those divorcing.

Canada recognizes that both parties have an equal right to the marital home, and this is true even if the house is only in one person’s name. However, this can be problematic if the house is of significant value. There are a few different options when it comes to deciding what happens to the family home. The first is that the couple agrees that one party is to keep the house and the other party gets other assets to ensure an equitable division. The second is that the couple must split the value of the house.

This second option means that either one party must buy out the other or the property must be sold, and the profit split between both parties. The problem with the increasing house values is that it’s becoming more and more common that one party can simply not afford to buy out the other, meaning the house must be sold. The market is changing rapidly as well, which means that a house may increase in value substantially from the time of the divorce filing to the settlement, particularly if the settlement process takes several months.

If you and your soon-to-be ex-spouse own a home, it’s important to discuss the implications and options with your lawyer as soon as possible. In some cases, you may need to have more than one done or speed up the settlement process.

Source: Global News, “How Metro Vancouver’s hot real estate market can affect divorce settlements,” Jon Azpiri, March 15, 2016

Coquitlam Divorce Lawyer

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
www.laughlinlaw.ca

Dividing property during a divorce requires thought

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Friday, March 25, 2016.

Getting a divorce involves a host of different considerations. One of the issues that you have to go through is the property division. This isn’t always something that is easy to do. Instead, you might find that some items are the subject of contention. We can help you to learn about what options you have when it comes to property division.

One of the biggest items that might become the source of a fight in the house. If you own your home, there are several different points that you have to think about. The main point is how much you still owe in payments on your home. This can be a big downfall if you are going down to one income after the divorce. You have to think about the payments for the home, as well as the maintenance of the home.

You also have to think about all of the debt that you have because you don’t want to end up being the person who has to pay off all the debt without getting any of the assets. This can make or break your settlement. We can help you learn how to balance out the debts and assets so that you come out with a settlement that puts your best interests at the heart of the matter.

Being informed is one of the best things that you can do when you are filing for a divorce or when your ex-has filed for a divorce. We can help you to learn how the British Columbia laws pertain to your case.

Divorce Lawyer Coquitlam BC

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Mediation and property division

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Friday, January 29, 2016.

When a couple divorces, one of the most difficult things to deal with can be property division. If you and your soon-to-be-ex can’t stand to even be in the same room together, negotiating who gets what property can be truly frustrating.

At Laughlin & Company Lawyers Mediators, we work with our divorcing clients to minimize the stress and frustration so common in divorce. We provide a variety of options for determining property division as well as child custody, child support, and spousal maintenance. Even if you did not have a marriage agreement in place, a mediated divorce can save you time and money.

Mediation is voluntary, but it can often keep a court from having to decide who gets what. Mediators are not on one party’s side or the other — they are impartial and fair. By putting a mediator’s skills in negotiating to work, couples can come to an agreement that the court will uphold. After mediation is over, both parties are then advised to have their own lawyers review the final settlement to make sure their rights are protected.

If mediation does not work, then the matter will go before the court. The judge will divide most of the assets and debts equally. That may or may not be a fair solution for you and your ex, depending on your assets and debts.

Property division can be even more complex if there are numerous real estate properties, investments or collections that must be divided. We will work diligently to make sure you get your fair share.

To learn more about property division, please visit our webpage on this and other divorce topics.

Family Lawyers Coquitlam

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca/

Property division and the collaborative process

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, December 16, 2015.

One of the most challenging but more important aspects of a divorce, or separation in the case of a common-law relationship, is the property division process. During the course of your relationship, you and your ex probably acquired many different kinds of property, from everyday household items to bigger assets like vehicles and real estate, that must be divided equitably. While a standing marriage or cohabitation agreement can make this task more straightforward, there are still many couples who choose not to sign these contracts prior to the relationship.

While many separating couples end up having the Canadian family courts decide who will get what, others are able to come to an agreement between themselves and present it to the court. This is often done via mediation or arbitration and can be one way to retain more control over your divorce proceedings and end up with an agreement that works for both of you.

Even though both of these are collaborative processes, a lawyer can be an invaluable asset during this time. It’s crucial to have a lawyer read over and evaluate any divorce agreement before you submit it to the courts for review. Doing this can make sure you have gotten what the law entitles you to and can help you spot and deal with issues that could cause problems later on.

However, if you and your ex-are not able to come to an agreement outside of the courts, a lawyer can help you prepare for your case to go to trial. It’s important to be aware of the different court procedures and how long a divorce settlement can take.

Real Estate Lawyer Coquitlam

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

How is excluded property defined in the Family Relations Act?

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Monday, December 14, 2015.

In a divorce in British Columbia, it is important to determine what the court will consider excluded property in terms of property division. The Family Relations Act of British Columbia defines excluded property as it pertains to property division. Because one or more of these definitions might affect whether you are granted ownership of certain property during your divorce or whether your ex-spouse gets to keep it, it’s important to understand how the court will view it.

  • The following types of property are not considered family property:
  • A spouse’s inheritance
  • Property a person acquired before beginning a relationship with his or her spouse An award or settlement of damages for injury or loss that was awarded as compensation to a spouse. However, if the award or settlement is for compensation for a spouse’s lost income or losses suffered by both spouses, then it is considered family property.
  • Beneficial interest in property belonging to one spouse that is held in a discretionary trust. However, if the other spouse contributed or another person besides the spouse settled it, then it is considered family property.

These are just a few examples of excluded property. If a spouse claims to the court that some property is excluded property, it is up to him or her to prove to the court that the respective property is actually excluded property.

As you can see, the division of property in a divorce can be complex, especially if there are substantial assets involved. The best way to decide if the specific property will qualify as an excluded property is a lawyer make a determination.

Coquitlam Real Estate Lawyer

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

How to work out a separation agreement

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Friday, October 16, 2015.

When a couple decides to go their separate ways, it leads to a variety of emotions. It’s very common for these emotions to spill over into the legal aspect of the separation process. When this happens, couples tend to get locked into legal battles over custody, parenting time and how to divide their assets. An alternative to this is to turn the adversarial divorce process into a collaborative project and work out a separation agreement with your spouse.

The process of drawing up a separation agreement entails working with your ex-partner to decide the common issues of divorce, including property division. While putting emotions aside and working to look at your situation as objectively as possible is important for the separation agreement process, it’s also important to protect your own rights and interests. During the separation agreement process, you should still have your own legal representation to ensure that you fully understand the terms of the agreement.

It’s also possible that the process of trying to get a separation agreement is not successful. In these circumstances, it’s important to have someone protecting your interests who are already familiar with your case and the aspects that are causing issues.

While many people first thinking about a divorce or going through the beginning steps may think that finding common ground with a soon-to-be ex-spouse is just about impossible, a lawyer who works in family law can help. At Laughlin & Company, we see the common issues that come up in the divorce and separation process on a regular basis and can help you understand how to navigate these often complicated challenges and work out a separation agreement.

Real Estate Lawyers Coquitlam

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Post-divorce finances: What you need to know

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Tuesday, September 1, 2015.

A divorce is a major, life-changing event. While many people are focused during this time on the change in their relationship status and any family issues, it’s also important to understand that your financial situations will also likely be undergoing significant changes. Learning how to adjust to what your budget and finances look like after divorce is crucial to getting back on your feet.

One of the first things to understand is that life will be different. If you’re a single parent, it can be exhausting just to keep up with the day-to-day and work one job. Divorce often leads people to reexamine many parts of their lives. You may be considering going back to school, moving, a career change or even picking up a second job to make ends meet or boost your savings.

Remember that you are only one person and can only tackle so much. Doing too much will just add more stress to the situation and can quickly lead to burnout. Start small and add things in one at a time as you feel you are able. Take the time you need to adjust to living on one income or figuring out how to balance managing the household with working full time.

It’s also a good idea to take stock of your finances as soon as you realize you’re heading toward divorce and be brutally honest about your situation. If you’re debts and bills are going to be more than your income is now, it’s important to take action instead of pretending the numbers will magically equal out. You may also want to talk with a lawyer about how assets will be divided and any spousal or child support.

Source: Money Sense, “Picking up the pieces: Retirement after divorce,” Julie Cazzin, accessed Sep. 01, 2015

Real Estate Lawyer in Coquitlam 

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca

Marriage contract: Why do I need a lawyer?

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Friday, July 24, 2015.

A marriage contract can help make the property division aspect of a divorce quicker and easier, but it needs to be done correctly for you to get the full benefits. A marriage contract lets the two parties decide how they will divide their assets and deal with other financial matters in the event of a divorce.

Since drafting and signing a marriage contract usually comes into discussion well before either party is considering a separation, it’s common for couples to think that they don’t need to consult a lawyer. However, a lawyer can help in both the development of the marriage contract and the execution, if needed, later on.

For a marriage contract to be valid, it’s very important that the terms follow the guidelines of the law and do not include anything illegal or what the courts might deem as superfluous. In these situations, the court may find that the marriage contract is not legally valid and set the entire contract aside. Talking with a lawyer as you draft the marriage contract and decide what to include can help ensure that you don’t mistakenly include something you shouldn’t, which could cause problems down the road.

A lawyer can also talk with you about your particular needs and situation and help you ensure that the marriage contract protects your interests and rights. It’s common for a marriage contract to have to go through a few rounds of revisions as the particulars are ironed out. In most cases, it is best for both parties to have separate legal counsel review the proposed marriage contract before signing.

Source: FindLaw, “Marriage contracts,” accessed July 24, 2015

Coquitlam Real Estate Lawyer

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca/

Focus on marriage agreements to determine affairs before marriage

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, May 27, 2015.

Marriage contracts can be a good idea for people who are committed to each other but are not yet married under the law. For instance, if you and your significant other have lived together for several years, you could choose to have a marriage contract or cohabitation agreement drawn up to discuss all the important parts of you living together and what would happen if you separated.

In some areas, the domestic contract, marriage contract or cohabitation agreement could also be known as a prenuptial agreement. The agreement looks at how you plan to arrange your assets and affairs while you’re together and discusses how you’ll split assets or determine your roles in a divorce in the case you get married. Of course, the paperwork only plays a part in determining your roles and can be altered post-marriage with a post-nuptial agreement, too.

To get a prenuptial agreement, both parties need to be able to discuss and decide on certain parts of the contract. A marriage contract can be a healthy part of a relationship that helps you and your soon-to-be-spouse work out your affairs before getting married. This contract doesn’t signify that you could choose to get a divorce. Instead, it is actually intended to prevent divorce by laying out all your assets and affairs now, before you marry.

Our website has information on marriage agreements and how you can use one to help you and your partner decide on how you’ll work together during your relationship and marriage. With all your assets and requests out in the open, this can be a good time to discuss your future plans and goals with your partner — before you ever get married.

Coquitlam Real Estate Lawyers

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

What assets may be considered non-family assets in a divorce?

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Tuesday, May 19, 2015.

Non-family assets are the items that will be split between spouses. Those may be things like a shared family home in both people’s names or savings accounts that are shared. pensions, RRSPs, business ventures and other items could also be identified as family assets.

There are some items that will not be considered family assets. Because they aren’t, the assets are very unlikely to be split between the people divorcing and will go to the original owner. Things that may fall into this category include assets you owned before you got married, assets you gained after separating from your spouse, personal injury settlements and court awards, gifts you received from your spouse, business assets, and inheritances.

To determine if an asset is a family asset or not, you need to decide if it was ordinarily used or intended to be used for the family. In court, it’s up to you to prove that an asset isn’t a family asset; if you don’t take the time to defend your right to those assets, then you will likely have to split them with your ex-spouse. This is because Canadian laws recognize all assets as shared family assets unless proven otherwise.

Things that were once considered solo assets could become family assets over time, which is something to consider. For example, if you receive an inheritance and keep it in a private account, it stays in your possession. However, if you share the account and use it for shared purposes, then it could be considered a family asset and result in you having to share it in a divorce.

Source: Law Courts Education Society of BC, “Property and Asset Division,” accessed May. 19, 2015

Real Estate Lawyer Coquitlam BC

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
www.laughlinlaw.ca/