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If you and your spouse are contemplating divorce, one of your first questions may be whether you'll be able to support yourself on your own. You might wonder how your assets will be divided, and whether you'll be able to keep your home. Most of all, you'll want to ensure that you receive a fair settlement reflecting your financial and emotional contribution to the marriage. Read on to learn more about your local laws governing division of assets and property in a divorce.
How is property divided during divorce in Nova Scotia?
In general, the government will presume that asset division should be equal -- even if one spouse earns substantially more than the other, or one spouse has spent several years staying at home to raise children or run the household. This presumption is similar to that of "community property" in certain U.S. states.
If you and your spouse have minor children, or one of you earns substantially more than the other, you may also be required to pay child support and/or spousal support. These payments are calculated by evaluating your income, your expenses, the length of your marriage, your spouse's ability to earn a living, and several other factors.
What should you do if you feel this equal division is unfair?
If you feel your efforts have entitled you to more than half of the assets built during your marriage, there are several things you can do to rebut this presumption.
This equal division presumption includes only "marital assets." Certain other assets -- like an inheritance that was passed down before marriage, a sole proprietorship business, or a medical settlement paid only to one spouse -- may be exempted. This means that if you have an asset titled only in your name and not contributed to through mutual efforts, you may be able to keep it (in addition to your half of the marital estate).
Pensions obtained during marriage are often considered marital property. If you believe you have the right to a portion of your spouse's pension, you should ensure that this pension is accurately valued by a qualified professional -- you don't want to give up a valuable interest in guaranteed future income. You may also wish to request that your spouse include you as a contingent beneficiary in case he or she dies before the pension begins to pay out. Contact First West Law LLP for more information.
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