How Property, Debts, and Pension Income are Divided at the Time of Divorce
How do property, debts, and pension income get divided at the time of divorce? During divorce, it is inevitable that you will face these questions. As such, you should hire a competent Newmarket divorce lawyer so you can better understand your rights and responsibilities when your divorce case starts.
Our aim here will be to get a clear idea about how such divisions (related to property, debts and pension) are made during divorce so you are better informed of the process.
Divorce and Division of Property, Debts and Pension Income
How debts and property are divided at the time of divorce?
According to laws, at the time of divorce both of you are eligible to get half share in marital property. Reversely, both are responsible for half of the marital debts.
Let us look at property and debts that are shared at the time of divorce:
• Property: Automobiles, home, investments, money and household goods.
• Debts: Line of credit, bills for credit cards, car loans and mortgages.
You can consult a Newmarket divorce lawyer and take necessary steps for division of property at the time of separation. However, if an agreement cannot be reached then you can ask the court to undertake division of property. It is important to note that if you will only have sixty days to initiate this process if you apply after divorce.
Is spouse eligible to get a portion of partner's Canada Pension Plan (CPP) at the time of divorce?
Yes, at the time of divorce you can apply so that court divides unadjusted pensionable earnings as per CPP. However, to apply it would be necessary to show that both of you have been living together for twelve consecutive months. Moreover, if you are applying for such division it does not mean that you have to directly contribute to such plan to gain eligibility for a share in your partner's earnings.
Is spouse entitled to a share in provincial pension plan of his or her partner?
If you are facing this question then best thing to do will be to consult an experienced Newmarket divorce lawyer to properly understand the applicable rules. In general, a married person is allowed to apply so that provincial pension of his or her spouse gets divided at the time of divorce.
Additionally, common law partners who have been living together for about 2 years are considered eligible to get pension benefits.
To summarize we will say that there are several legal aspects that you need to be aware of at the time of divorce. By consulting a Newmarket divorce lawyer it will become possible for you to better understand your position in the case.