Everyone knows that if you have positive assets, they will be split during your divorce. When you don’t have positive assets, but instead have debts, knowing how these will be split can make it easier for you to plan your future. In British Columbia, most situations involving property and debt fall under the Family Law Act, which states that you share any property that you gain while you’re married.
There are time limits for you to apply to have your debts and assets split. You have two years from the time you get a divorce order, and if you were in a marriage-like situation, you have two years from the day you separated.
Normally, you don’t have to worry about taking on debts that were accrued before you got married to your husband or wife. Their debts stay their own, and they stay with them when they divorce from you. The same is true for you as well; unless you decide differently with your significant other, you will keep the debts you brought into the relationship.
The same thing is true for your assets, making it easier for you to protect the items you brought into your marriage. You should be able to keep that property separate in most cases, so the court won’t try to split them between you and your soon-to-be ex. While the Family Law Act does set guidelines and requirements for dividing assets and debts during divorce, there are always some situations that don’t work out according to the law. Those situations can be complicated and require extensive paperwork or legal assistance.