Property Division Checklist: What To Consider
The dissolution of a relationship or marriage doesn’t necessarily need to be ridden with complexities and super-charged emotions. At Verhaeghe Law Office we recommend couples always have a plan for the inevitable. It’s like having a will in place – you prepare for the inevitable to reduce stress and burden on your loved ones after your passing away. Similarly – having a property division agreement in place in the event of a relationship or marriage breakdown can save couples a great deal of grief down the road should the inevitable happen.
Below is a list of things to consider and discuss with your spouse/partner when drafting a property division agreement. It is important for us to note that this list is by no means exhaustive and is only intended to act as a general overview. For more complex property division matters such as high-net worth couples who have significant assets and holdings, we recommend you consult with an Edmonton family lawyer regarding your unique situation. You may contact our law firm for more information on this topic and book a paid consultation with one of our lawyers.
Matrimonial Home & Property
- Who gets custody of the pets? Remember – pets are considered property too according to laws in Alberta
- If one spouse or partner gets exclusive possession of your home(s) – who pays for what?
- If the home/property is to be sold – when is the due date for this?
- Consider buyout provisions from one partner/spouse to another
- Date of valuation of the home and what happens if it’s destroyed?
- Consider conditions that limit occupation of the matrimonial home to one spouse
- How will the home be sold if you intend to sell it?
- How will a real estate agent be selected if you intend to sell the home?
- How will the proceeds and disbursements from the sale of the home will be divided
- Division of Canada Pension Plan
- Division of any other pension plans
- Life insurance policies with cash surrender values
- Tax refunds, RRSPs and other investments such as GICs
- Division of stocks and bonds
- Division of Trusts
- Division of profit-sharing plans
- Bank accounts – both individual and joint accounts
- Division of tools and equipment in the house(s)
- Division of furniture and appliances
- Division of motor vehicles, trailers, boats and other recreational vehicles
- Real estate leasehold interests
- Division of investment properties and other properties such as cottages, cabins, trailers, land, condos, etc.
- Division of business assets if applicable
- Division of inherited gifts and assets
- Jewellery, artwork and other valuables that may have been financially valuated
Debts and Outstanding Payments
- Who is responsible for paying existing debts and loans?
- If loans and lines of credits get re-negotiated – who will be responsible for them?
You may also want to consider getting all your assets valuated prior to getting into the property division agreement so you understand the value of your assets. This can be done by hiring an independent third-party expert.
Contact An Edmonton Family Lawyer For Assistance With Property Division Agreements
For more information on additional items to include in a property division agreement – contact our law firm to book a consultation. You can do this by dialing 587-410-2500 and book a consultation to speak with an Edmonton family lawyer by filling out an online request form or chat with one of our live chat representatives to book a time that is convenient for you.
Disclaimer: This blog is intended to act as a general overview on a commonly asked legal topic. It is not intended to act as legal advice, nor does it establish lawyer-client relationship in any way. If you require legal assistance on this topic, we suggest you consult with a family lawyer regarding your unique situation.