Did you know that BC has a deferred shared family asset and family property regime? You should be aware of various BC family triggering events and Section 57 Declaration of no prospect of reconciliation strategies depending on who owns a particular family asset.
Post BC family separation triggering events that cause the BC shared family property regime to be activated need to occur because simply separating does nothing! These Vancouver BC separation activating or triggering event events include signing a proper separation agreement dealing with all or most issues particularly property on a final basis, a divorce, an annulment (very rare!) or most commonly early on in separations a SECTION 57 declaration the parties have no reasonable prospect of reconciliation!
HERE ARE SOME BUT NOT ALL OF THE BASIC STRATEGIES YOU MAY WANT TO CONSIDER TO PROTECT YOURSELF BY CONSIDERING A TRIGGERING EVENT
1. If you have a pension you should get an event triggering the division of the pension ASAP- if your spouse does there’s no rush!
2. If you own 100 percent of the Matrimonial Home and your spouse has a number of creditors circling with debts you are not a guarantor for DON’T DARE ASK FOR A TRIGGERING EVENT. IF YOUR SPOUSE IS THE SOLE OWNER AND HAS CREDITORS get one ASAP!
3. If you are separating from your spouse and you have substantial joint tenancy assets such as a home and investment property and you are in dire health seek a declaration immediately because if you die these assets will pass entirely to your spouse and other assets solely in their name will not be able to be claimed by your estate. The opposite approach applies if your spouse is ill.
4. If your spouse is acquiring lucrative assets you may wish to wait on obtaining a triggering event and obviously if you are acquiring post separation assets you will likely want to seek one right away.
The area is a potential minefield for the unwary and you need to consult a lawyer immediately if you are thinking about separation or are already separated and have not obtained legal advice.
Here is the key portion of the Family Relations Act that sets out how the shared BC property regime is triggered:
56 (1) Subject to this Part and Part 6, each spouse is entitled to an interest in each family asset on or after March 31, 1979 when
(a) a separation agreement,
(b) a declaratory judgment under section 57,
(c) an order for dissolution of marriage or judicial separation, or
(d) an order declaring the marriage null and void
respecting the marriage is first made.
(2) The interest under subsection (1) is an undivided half interest in the family asset as a tenant in common.
(3) An interest under subsection (1) is subject to
(a) an order under this Part or Part 6, or
(b) a marriage agreement or a separation agreement.
(4) This section applies to a marriage entered into before or after March 31, 1979.
Declaratory judgment
57 On application by 2 spouses married to each other or by one of the spouses, the Supreme Court may make a declaratory judgment that the spouses have no reasonable prospect of reconciliation with each other.
If you are separated or separating see a lawyer immediately to prevent some real potential headaches or shall we say heartbreaks.
We can’t protect your heart but we can protect your rights.
Call Lorne MacLean at 1 877 602 9900 toll free anywhere in North America.
