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Under the Matrimonial Property Act there are 3 categories of property:
Exempt Property – which includes, property owned before marriage, property received as a gift, property received as an inheritance and damages in tort such as a personal injury settlement.
Increase in value of exempt property – The act states that the increase of the value of exempt property is subject to division.
All other matrimonial property – Under the Act all other property of the spouses is subject to equal division unless a court deems in unfair. Courts are hesitant to depart from an equal division of the property. In most marriages the property will fall within this category.
Under the Matrimonial Property Act the value of the property is determined at the date of trial not the date of separation. Typically the parties enter into a Matrimonial Property Agreement dividing the property with agreed to values and agreed to valuation dates. The Matrimonial Property Act outlines the formal requirements to make such agreements legally valid, including the written acknowledgment of legal advice by a lawyer in the agreement.
Contact a St. Albert family and Edmonton area lawyer or a St. Albert and Edmonton area divorce lawyer for further information or to answer any questions you might have.