Division Of Assets In BC
Property of separating spouses may be divided pursuant to statute ( the Family Law Act) or pursuant to various non-statutory remedies (for example, the commonlaw remedy of “constructive trust”). Ordinarily, division will occur pursuant to the Family Law Act.
Provided that the parties qualify as “spouses” under the Family Law Act, property and debt may be divided in accordance with the provisions of that Act. Very importantly, the provisions of the Family Law Act apply to both married spouses and to commonlaw spouses who have lived in a marriage like relationship for a period of two years or more. Ordinarily, claims for division of property and/or debt must be commenced within 2 years of the date of judgment granting divorce or nullity in the case of spouses who are married to one another or, in the case of spouses who were living in a commonlaw relationship, 2 years from the date of separation. If there is a possible limitation period issue affecting your case, you should consult with a lawyer.