Canadian laws provide people with ways to protect their inheritance when they divorce. Even so, the regulations are complex, and there are varying factors depending on your circumstances. The high net-worth divorce lawyers at The Riley Divorce & Family Law Firm are familiar with these rules and could help you understand your options.
One significant factor to consider during a divorce concerns the steps you take to protect your interests. An experienced Ottawa divorce and inheritance lawyer could answer your questions and provide the necessary documentation and tools you need to protect your assets and legacy.
When you were the beneficiary of an inheritance or valuable gift before your marriage, you would receive credit from the court for the balance of those assets on the day the marriage occurred. The interest or growth of the inheritance may be included or excluded from family property depending on the circumstances. Another essential factor concerns the legal language of the estate planning document, such as the will granting the inheritance, and it could also be a factor when dividing marital property and assets.
Some tips that could help you keep your inheritance safe and separate from marital property include:
After reviewing your case, a divorce and inheritance lawyer from our Ottawa firm could go through the complete list to help you protect your assets.
The Family Law Act regulates the rights and responsibilities of married couples who have chosen to separate or divorce. The individuals must divide all family property in half unless they have signed contracts, such as marital agreements, where both parties agree to a different arrangement.
According to Section 85 of the Family Law Act, inheritance and gifts received by one party before or during the marriage are not family property. However, that could change if the inherited assets or property gain interest or increase in value for any other reason during the union. The court may determine the additional funds are family property that they must divide.
Marital agreements are legally binding contracts allowing both parties to agree to specific terms should their marriage end. When drafted and executed correctly, meeting the requirements of the law, they can protect both people and allow them to opt out of property division rules and regulations under the legislation. A valid marital agreement must:
Marital agreements can provide further protection, allowing couples to protect their inheritance during divorce. A divorce and inheritance lawyer in Ottawa could answer questions about the regulations and draft documents to ensure compliance.
When a married couple makes the complicated decision to divorce, there are steps they can take to protect their interests. The family court will consider much of their assets and property as marital property. The lawyers from our firm could help you understand your unique situation and guide you during this process.
Call a diligent Ottawa divorce and inheritance lawyer at The Riley Divorce & Family Law Firm today. Our lawyers are available 24 hours a day for your call.
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