28
Dec
Who Gets What? Divorce and the Division of Marital Property
When couples separate and divorce, one of the issues that must be settled is the distribution of joint property. In Alberta The Matrimonial Property Act creates a regime which governs the division of property between parties on divorce. It directs that property accumulated during the course of the marriage is to be divided equally between the parties except in rare and exceptional circumstances. The Act directs the division of the value of property as opposed to the property itself. In general, the value of property is determined at the date of trial or settlement, not at the date of separation and is based on fair market value. Liabilities incurred during the marriage are generally also shareable equally. Liabilities incurred post-separation may not be.
Under the Act, matrimonial property includes, among other things, the following:
 |
|
 |