In Alberta, the division of matrimonial property law is governed by the Matrimonial Property Act. The Act outlines the rules lawyers and the Courts must follow in determining whether something is matrimonial property, how much of it should be divided and in what way.
Depending on the circumstances, certain assets or the value thereof may need to be divided equally between the spouses no matter who made the financial contribution to their acquisition or preservation. Certain assets or the value thereof may be shared unequally. Other assets or the value thereof may be excluded from the division of matrimonial property. These include property or the market value of the following at the time of marriage:
- Property acquired by a spouse by a gift from a third party,
- Property acquired by a spouse by inheritance,
- Property acquired by a spouse before the marriage,
- An award or settlement for damages in tort in favour of a spouse, unless the award or settlement is compensation for a loss to both spouses, or
- The proceeds of an insurance policy that is not insurance in respect of property, unless the proceeds are compensation for a loss to both spouses.
The law concerning the division of Matrimonial Property is complex and we encourage you to contact our office to educate yourself about your rights.
Our legal team has extensive experience in securing and enforcing the matrimonial property for clients.