Matrimonial Property – Legally Dividing Propert
DIVIDING OF MATRIMONIAL PROPERTY FAIRLY Determining assets and splitting them equally often causes stress and conflict. A lawyer knows your rights, and will help you make good choices.
The Alberta Matrimonial Property Act, or the MPA, deals with the separation of a married couples property. In Alberta, the assumption is that the matrimonial property will be divided fairly when the spouses enter into a property agreement or receive a property judgement. An RCM Family Lawyer can help you navigate the intricate rules and exceptions you need to know during your divorce and subsequent property division.
Matrimonial property is all property acquired by either spouse during their marriage. Typically, this property is divided equally during a divorce, unless it would be unfair to split it this way.
There are some things that are exempt from the Matrimonial Property Act:
property acquired by one spouse before the marriage
gifts
inheritance
awards or settlements that are designated for one spouse, such as money paid for pain and suffering in an auto accident.
The Matrimonial Property Act covers such property as:
the matrimonial home
household goods
RRSPs and employment pensions
business interests
investments, stocks, bonds
vehicles
property used for the mutual benefit of the spouses
property purchased during the marriage
property brought into the matrimonial relationship
The Matrimonial Property Act is only relevant in Alberta, and only applies to married spouses, not common-law couples. A claim to divide property can be made independently, or within another claim, such as a divorce.
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