Dividing your property can be one of the most challenging aspects of separation and divorce. Real estate, investments, pensions, vehicles, home furnishings, mortgages and loans are all examples of family assets and debts that need to be considered. It is important to note that not all assets and debts are automatically divided equally between spouses.
Nova Scotia’s matrimonial property laws are unique and their application can be complex. Matrimonial assets includes all property acquired by the spouses before and during their marriage, with the exception of specific exemptions such as business assets. How assets and debts are shared depends on the facts of each case and requires an in-depth understanding of the relevant legislation and law.
Many separating spouses have questions about the short and long-term arrangements for their property. These include which person will stay in the family home, who is responsible for maintaining debt payments following a separation, and whether they can dispose of assets held solely or jointly before everything is finalized. Many times, these questions are also linked to the payment of support by one or both spouses. It is possible to develop both short and long-term solutions for managing family property and debts after a separation.
At MDW Law in Halifax, our experienced family law lawyers are adept at providing advice on division of assets during separation and divorce. While the law favours equal division of matrimonial property, there are some circumstances when an unequal division is appropriate. Contact our lawyers at our Halifax or Bedford office to learn the best course of action for your situation.