Family Property is defined as all properties in the name of either spouse at the time of separation regardless of any contributions to maintenance or the acquisition of the asset(s). Family Property may include: RRSPS, Stocks, and Investments Pensions Shares in corporations bank accounts insurance policies (in particular cash surrender value) Gain in the value of excluded property Certain trusts (i.e. discretionary trusts are also considered family property, if they meet certain criteria). Under the Family Law Act, subject to the spouse’s claim for exclusion, each spouse is presumed to have one half interest in Family Property. Property acquired after separation, may also be considered family property if you can trace it back to a family property. For example, in Xu v. Chu, 2019 BCCA 414 (CanLII), our experienced property and debt division lawyers, were able to successfully argue that the husband’s condo, acquired post separation, is considered family property and the gain in the value of his condo should be divided equally between the parties. Family Debt includes any financial obligation incurred by either spouse during the relationship. Debt incurred post separation may also be considered Family Debt if it is incurred for the purpose of maintaining family property. Book your consult with us to learn more about what constitutes family property and debt.