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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?

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Stuart Zukerman
5 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.

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