Understanding division of property for married couples
When two married spouses decide to separate, property division is determined by the Matrimonial Property Act (MPA), which sets out three kinds of property: Exempt Property, Increase in
- Exempt property - any property owned before the marriage, received by way of gift from a third party,
propertythat has been inherited, an award or settlement for tort damages (i.e. if youwere injured in an accident), or proceeds of a non-property insurance policy.
Increasein value of exemptproperty - covers the increase in valueof exemptproperty during the marriage or property acquired with income received from exempt property.
- Matrimonial property - any property not covered by the other two categories as well as any debt or property acquired by the spouses jointly or separately during the marriage and after separation.
Typical areas of dispute include what assets and debts are actually held by each spouse and whether
Understanding division of property for unmarried couples
There are no laws governing the division of property for unmarried couples. In general, jointly held assets are divided equally and property purchased during the relationship belongs to the person who can prove ownership.
It's recommended that unmarried couples not cohabitate until they have signed an agreement that sets out how
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