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Under British Columbia’s Family Law Act, when spouses separate they must divide their family property and debt.  Generally, family property and family debt are divided equally unless there are exceptions to equal division, such as where the spouses have entered an agreement that provides for a different arrangement.

Family property is all property that is owned by either spouse at the time of separation. However, there are exceptions including property that was owned by either spouse prior to the relationship, property that was inherited or gifted, and disability payments.

Family debt is debt that is acquired by either spouse during the relationship.

Division of family property and debt is not always straight forward but a BHM lawyer can help you determine how the law applies to your situation.