DIVISION of the Matrimonial Property:
You have probably heard that assets are split 50/50 in a divorce, but what does 50/50 really mean in your specific circumstances? Various assets may have different values depending on a number of factors including present and future taxation.
Objective asset division evaluation can result in predicting future financial consequences for better or worse.
The Matrimonial Property Act ( MPA) is the law in Alberta that sets out how property will be divided if marriage breaks down. This Act only applies to people who has been legally married.
As of January 1, 2020, MPA will be replaced with Family Property Act that will treat common-law couples same as married couples.
Time limits for property division:
If you or your spouse :
Property EXCLUDED from division:
Dower Rights in Alberta
If you are married and your matrimonial home is in the name of only one spouse, the Dower Act gives certain rights to the other spouse, so long as the spouses have lived together in the home. The Act requires that the spouse who is trying to sell the home follow certain steps:
Matrimonial Property is all of the property accumulated during a marriage, including debt