The basic rule in the Family Law Act is that property and debt are split equally between spouses on separation. The presumption of equal division of property and debt can be overridden by a written agreement between the spouses to divide assets and debt in a different way. The court can also decide to divide property and/or debt unequally if it is satisfied that equal division would be “significantly unfair.” https://onyxlaw.ca/what-am-i-entitled-to-in-a-divorce-in-bc/
Generally speaking, family property is what you and/or your spouse bought or accumulated during your cohabitation or marriage. It includes all assets and property owned by either one or both spouses at the time of separation, and any asset or property that one spouse has a beneficial interest in at separation. Examples include your family home, other real estate (cottages, investment properties, condos, etc.), RRSPs, RRIFs, TFSAs, bank accounts, investments, insurance policies, pensions, businesses, https://onyxlaw.ca/vancouver-family-lawyers/property-division/ and certain types of property held in trust.
Family debt includes all financial obligations incurred by one spouse or both spouses during their relationship. It also includes debts taken on after separation if the debt was incurred to maintain family property. BC’s Family Law Act says spouses must equally share family debt even if one spouse’s name isn’t on the debt. Common examples of family debt include mortgages, loans, lines of credit, and credit cards.
Keep in mind that only legally married spouses and unmarried spouses are entitled to division of property and debt on separation, and that only the Supreme Court (not the Provincial Court) can make orders dealing with property and debt on separation.