I strongly advise anyone contemplating a division of marital assets to meet with a lawyer to learn their rights prior to discussing a division of assets and liabilities with their spouse. A legal opinion will arm a client with a knowledge of their rights, some general income tax advice and an explanation of the steps required to complete the division in a final, binding manner.
When a marriage ends, spouses usually want to complete a final division of their assets and liabilities. The Matrimonial Property Act of Alberta sets out the law regarding the division of property. Exactly how property is divided, and in what proportions, depends on the specific circumstances of the case. Each province also has a different set of laws.
The Matrimonial Property Act states that married spouses may conclude a final and legal binding division of their property any way they want – provided they put the terms of the division into a written agreement specifically identifying and valuing the assets and liabilities. Each party must consult a lawyer separately for a legal opinion regarding the agreement and they sign the agreement with their separate lawyers.
Dividing assets with the assistance of a lawyer is expensive. That’s why I ensure that clients are given options suited to their budgets.