Excluded property is an important concept in British Columbia’s family law that can impact the division of assets in a separation or divorce. It refers to property that is not included in the family property pool, which is subject to division between spouses or partners.
Excluded property typically includes assets that were acquired before the relationship started, inheritances or gifts received during the relationship, and any property acquired after separation. In other words, excluded property is property that one party owns or is entitled to, that the other party did not contribute to, and that is not considered family property.
One of the main reasons why excluded property is important is that it is not subject to division between spouses or partners, unlike family property. This means that if you own property that qualifies as excluded property, you may be able to keep it in its entirety after a separation or divorce.
However, it’s important to note that the definition of excluded property is not always straightforward, and there are some situations where property that may initially seem like excluded property may be included in the family property pool. For example, if you use your excluded property to purchase a family home or make improvements to the family home, the value of the property may be considered family property.
It’s also worth noting that the onus is on the person claiming that property is excluded to provide evidence and documentation to support that claim. This means that if you’re going through a separation or divorce and you believe that you have excluded property, you should speak with a lawyer who can help you understand your rights and obligations and assist you in gathering the necessary documentation to support your claim.
In summary, excluded property is an important concept in British Columbia’s family law that can impact the division of assets in a separation or divorce. If you own property that you believe is excluded property, it’s important to understand your rights and obligations and seek legal advice to ensure that your property is properly protected.
To learn more or to discuss your specific situation, please call one of our experienced lawyers at 604 265 8400.
Written by Sumit Ahuja