What Is Excluded Property?
If you or your spouse acquired any of the aforementioned items before your relationship, the law views them as excluded property. You don’t have to split these items if you separate.
However, there is an exception. If your property increased in value while you and your spouse lived together, the court would list that increase as family property. Therefore, you must split half of the increased value with your spouse.
What if you sold an excluded property and used the money to purchase a family property? Perhaps you owned a condo when you were single and sold it to buy the family home after getting married. A family lawyer can trace the portion of the value that went towards purchasing the family home. You are not required to share this amount.
How Does the Court Divide Family Property?
In British Columbia, the law states that all family property must be divided equally between spouses. However, if you drafted an agreement regarding the division of property, you may adhere to it. Your family lawyer can oversee and guide this process.
Conversely, the court can decide that there should be an unequal division of family property. This decision may occur if a 50/50 split is deemed significantly unfair to you or your spouse.