Financial Consumer Agency of Canada. A separation is when two people who have been living together as a married or common-law couple decide to live apart. After your relationship ends, you need to divide the property you share. In some provinces and territories, if you wait too long to make a claim after your separation or divorce, you may lose your right to your share of the property.
Federal, provincial and territorial laws determine how you must divide property during separation and divorce. What laws apply to you depends on:. Usually, property stays with the person who bought it. If you helped buy and take care of property owned by your former partner, you may have a right to part of it. Usually, you divide equally the value of any property you bought Divorce concierge meaning a marriage.
You also divide equally any increase in the value of property you brought into the marriage. There are some exceptions. The courts may decide to divide your property unevenly. For example, the spouse with the larger share of family property may owe Divorce concierge meaning other spouse some money.
Learn about the provincial and territorial laws about dividing property after separation or
Divorce concierge meaning. You may have signed a cohabitation or prenuptial agreement, also called a marriage contract. It covers what you agreed to do with your property if you separate or divorce. A separation agreement is a legal contract between a couple.
Making a separation agreement is usually a faster and less expensive way to settle issues than going to court. You can prepare a separation agreement on your own, or get a lawyer or notary in Quebec and British Columbia to prepare one for you. Each partner should talk to a lawyer before signing the separation agreement. Make sure you understand all the consequences of the agreement.