For most couples, the family home is more than an asset. It’s a place full of memories, stability, and emotion. It’s also, in most cases, the most valuable property in the relationship. So, what actually happens to the home when you separate or divorce in British Columbia? Who gets to stay, who gets paid out, and what if you can’t agree?
Here’s how it works under BC’s Family Law Act, and what to expect when one person wants to keep the home while the other wants to sell.
When a relationship ends, there’s a lot to figure out. Parenting time, support, division of property, pensions, debts – these are just some of the issues common in a family law dispute. And, if you and your ex are amicable, it can be tempting to sit down, hammer out an agreement, and type something up yourselves to “save money on lawyers”.
But, while these DIY separation agreements are, unfortunately, common, they’re also one of the most frequent sources of expensive legal disputes down the road. A separation agreement is not just a piece of paper. It’s a legally binding contract with serious long-term consequences. Here are four significant risks of drafting your own separation agreement.
