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Couples can specify division of property wishes in a contract

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Two parents disagree in an argument

On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Thursday, July 13, 2017.

More and more British Columbia couples enter marriages with already acquired assets in their respective names. For this reason, signing marriage contracts are becoming a more accepted process than what it was years ago. Marriage agreements give both parties the opportunity to discuss goals, expectations, and plans for the future. The contract will contain their agreements related to the division of property in the unfortunate event of a divorce, and although that is a thought often rather avoided, getting it out of the way can provide peace of mind.

British Columbia has laws that provide guidelines for property division by the court. Couples who want to create rules that differ from those that will apply under the province’s family law can do it by drafting a marriage or cohabitation agreement. However, advisors suggest people must not sign such a contract before fully understanding the legal requirements and applications of it.

Such a contract will determine how assets gathered during the marriage or common-law relationship will be divided upon separation — also in the event of one spouse passing away before separation. The income, debts, and assets of each partner must be fully disclosed, and the signing of the contract must not take place on the eve of the wedding. Each spouse must fully understand the contents of the contract and the consequences of signing it.

The court will also prefer each spouse to have independent legal counsel when signing a marriage agreement. All the plans worked out for the division of property can be disregarded by a British Columbia court if it finds the marriage contract to be invalid. This can happen if the court finds that one spouse did not provide full financial disclosure or if one party can show that he or she did not fully understand what the agreement entailed. A marriage contract that was not signed well in advance of the wedding ceremony can indicate coercion or duress, in which case it can be declared invalid.

Got any family law questions? Contact our family lawyers in Coquitlam:

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

Source: business.financialpost.com, “What you need to know before you say ‘I do’ to a marriage contract“, Laurie H. Pawlitza, Accessed on July 7, 2017

Choosing the right facilitator for divorce mediation is important

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Two partners stare away from each other in an argument.On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Tuesday, June 13, 2017.

The dynamics of every divorcing couple in British Columbia are unique, and more and more people choose to be in control of important decisions rather than leaving it up to a judge. However, not everybody can deal with all the issues without the negativity that often surrounds divorce negotiations. For this reason, the choice of the facilitator of divorce mediation, like Laughlin Lawyers, is important.

The sole purpose a divorce mediator is to provide a platform for peaceful negotiations between divorcing spouses, and he or she may not provide legal advice. The issues typically discussed in mediation are similar to those dealt with in court. Couples can either have a judge decide on matters such as asset distribution, spousal support, parenting and visitation and property settlement or leave negatives about their marriage behind and deal with contentious questions in an adult manner.

The success of divorce mediation often depends on securing the services of a suitable mediator. Some may appreciate a directive mediator who will explain what will likely be approved by a judge and then propose solid resolutions of conflicts, leaving the divorcing spouses to choose one of the options. Other couples may prefer a mediator who would empower them to make their own decisions. This mediator will encourage communication — and compromise when necessary — and use skilled discussions and questioning to guide couples to mutual agreements.

Even with the help of a skillful mediator, an experienced divorce lawyer for each party will be valuable assets. Any British Columbia resident who is considering divorce mediation rather than litigation may find that his or her divorce lawyer can recommend a suitable mediator. Along with providing helpful input during mediation, legal counsel can go through any agreements before they are signed and presented to the court.

Coquitlam, BC Family Lawyers

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

Source: gailvazoxlade.com, “Mediation“, Gail Vaz-Oxlade, Accessed on June 9, 2017

Questions? Ask a legal question to the experts at Laughlin & Company today by visiting our contact page!

Division of property: What will happen to the family home?

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A family home that may be sold to separate assets.On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Tuesday, March 28, 2017.

Like other provinces and territories, British Columbia has a matrimonial and family law act that governor provides guidelines for — the way assets and debts are divided in a divorce. While many couples have complicated estates that include stocks or bonds, family businesses, real estate and more, deciding what to do about a matrimonial home is often the most difficult part of the division of property. It could be an equally challenging process in a divorce of a couple with average assets.

In British Columbia, a couple must have been in a marriage recognized as valid under the law to require the division of the marital home. In most cases, a common-law relationship does not give one party the right to claim a share of a home in the other party’s name. In the eyes of the law, a home in which the couple lived together during their marriage must be subject to equal distribution in divorce because marriage is considered an equal partnership.

While certain rules exist for other assets that will only be divided if acquired during the union, special rules are in place for the marital home which may require the assistance of a real estate lawyer. Assets that belonged to one spouse before the marriage will remain that person’s property, except the family home will be divided even if it belonged to one spouse before the wedding. If one spouse wants to keep the residence in which the couple lived, he or she can buy the other spouse’s share or give up equivalent assets; otherwise, it can be sold and the money shared equally.

Regardless of the wealth of a divorcing couple in British Columbia, if there is a marital home that will be part of the division of property, it could complicate matters. However, under the guidance and support of experienced Laughlin Law Lawyers, the various options available can be evaluated. Understandably, decisions that could post-divorce financial stability must be made with care.

Source: FindLaw Canada, “What happens to a matrimonial home after a separation?“, Miriam Yosowich, Accessed on March 27, 2017

Lawyer Port Coquitlam, British Columbia

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