Can I Get Half of our Villa in Hawaii at Separation? BC Family Law Act

Many spouses already know they will get half of their family home at separation or divorce. But what about other assets? Our BC family lawyers can help you determine whether you have entitlement to other assets which may or may not be family assets. Here are the general rules about whether assets are ‘family assets’ and therefore subject to division under our BC Family Law Act.

What is a Family Asset Under the BC Family Law Act?

Aside from real estate, the following properties are family properties if they were acquired during your marriage or cohabitation:

(a) a share or an interest in a corporation;

(b) an interest in a partnership, an association, an organization, a business or a venture;

(c) property owing to a spouse

(i)   as a refund, including an income tax refund, or

(ii)   in return for the provision of a good or service;

(d) money of a spouse in an account with a financial institution;

(e) a spouse’s entitlement under an annuity, a pension, a retirement savings plan or an income plan;

(f) property…that a spouse disposes of after the relationship between the spouses began, but over which the spouse retains authority, to be exercised alone or with another person, to require its return or to direct its use or further disposition in any way;

(g) the amount by which the value of excluded property has increased since the later of the date

(i)   the relationship between the spouses began, or

(ii)   the excluded property was acquired.

So Do I Get the Villa After all under the BC Family Law Act?

Depends. Ask yourself these questions:

1. Was the Villa bought during your relationship and with monies that you and your spouse earned during the relationship?
2. Did you visit the Villa with your partner and/or live in it?
3. Was the Villa bought with you and your spouse’s earnings and not given as a gift or inheritance to your spouse?

If the answer to the following questions above is yes, then you are likely entitled to 50% of the equity on the Villa.

What is an Excluded Property Under BC Family Law Act?

The BC Family Law Act says that the following properties are excluded properties and therefore you would not be entitled to an interest in them. In other words, these properties are for you or your spouse only and no one gets to share them:

(a) property acquired by a spouse before the relationship between the spouses began;

(b) inheritances to a spouse;

(b.1) gifts to a spouse from a third party;

(c) a settlement or an award of damages to a spouse as compensation for injury or loss..

(d) money paid or payable under an insurance policy, other than a policy respecting property..

(f) a spouse’s beneficial interest in property held in a discretionary trust

(i)   to which the spouse did not contribute, and

(ii)   that is settled by a person other than the spouse;

Upon separation or divorce, it is crucial to know what is included as family property and what is excluded. 

It is very important to seek the advice or assistance of a family lawyer to fully know your rights. 

For Questions or to set up an INITIAL CONSULTATION, call us at 604-974-9529 or email info@ylaw.ca