Understanding debt/assets

Anonymous Asked:

My husband and I have separated, most of our property was in his name (vehicles, boat, motorcycle) and he took them when he left and consolidated loans to continue paying the debt but never gave me the option of what I wanted to keep. How does this work now that he has been making payments for the past few months?

Expert Comment:

Subscribe

1 Comment

Oldest

Newest Most Voted

Inline Feedbacks

View all comments

Stuart Zukerman

8 years ago

It does not matter who’s name an asset, bank account, RRSP, Pension, Real Estate, vehicle, or debt is registered in – if you were married or lived together as spouses for more than 2 years then the Family Law Act of B.C. provides that each spouse is entitled to a 50% interest in the equity or debt that grew or accumulated during the marriage or cohabitation(excluding the pre cohabitation equity). A proceeding in the Supreme Court under the Family Law Act would be needed to divide the assets and debts if you are unable to negotiate an agreement.

0

Reply

More Q&A

Main Categories in Q&A

All Divorce Separation Children Property

Latest Questions Asked:

Separation Agreement in Place but Ex Won't Withdraw Answer: Can Divorce Be Granted?

Hi, I had filed for a divorce in court as my spouse and I were unable to reach an agreement and he was being non-cooperative in terms of trying mediation. He filed an answer to my divorce application. In the last few months, we have been able to reach ...

What Happens if My Spouse is Hiding Assets During the Divorce?

Divorce is a challenging process, and it becomes even more complicated when there are suspicions of hidden assets. In Ontario, as in many jurisdictions, spouses are required to fully disclose their financial situation to ensure a fair division of prope ...

Understanding the Legal Process of One-Sided Divorce in Canada

What Is One-Sided Divorce? One-sided divorce is possible in Canada without the other spouse's consent. This type of divorce can proceed even if the other spouse does not respond or agree to the divorce terms, making it a significant aspect of Canadian ...

What can you buy while you filling for a divorce

What can you invest on or buy while you are going through divorce

Preparing for Court: What to Expect in a Contested Divorce Trial in Ontario

Divorce is a life-altering event that can be emotionally draining and legally complex. When a divorce becomes contested, both spouses cannot agree on some or all of the key issues. This can lead to more significant challenges, as the court has to step ...

Do Divorce Lawyers Work on Weekends? Get Expert Advice When You Need It

If you've been wondering, "Do divorce lawyers work on weekends?" you most likely are experiencing the common truth that navigating the complexities of divorce can be challenging, and finding the right time to discuss your concerns with a divorce lawyer ...

See All Questions