MATRIMONIAL PROPERTY

Matrimonial Property: Protecting Your Assets in Marriage

Matrimonial property refers to assets acquired by spouses during the course of their marriage. In the event of divorce or separation, the division of matrimonial property can be a complex and contentious issue. At Amber Stone Law, we understand the importance of protecting your assets and ensuring a fair distribution in accordance with the law. Our experienced family law attorneys are here to provide guidance and advocacy to safeguard your interests throughout the process.

Understanding Matrimonial Property

Matrimonial property encompasses a wide range of assets acquired by spouses during marriage, including:

⦁ Real Estate: Family homes, vacation properties, and investment properties acquired during the marriage are considered matrimonial property and may be subject to division upon divorce or separation.

⦁ Financial Assets: Bank accounts, retirement savings, stocks, bonds, and other financial assets accumulated during the marriage are typically classified as matrimonial property.

⦁ Personal Property: Vehicles, furniture, artwork, jewelry, and other personal possessions acquired during the marriage may also be subject to division.

⦁ Business Interests: Business interests, partnerships, and professional practices established or expanded during the marriage may be considered matrimonial property, requiring valuation and equitable distribution.

⦁ Equitable Distribution vs. Community Property: In many jurisdictions, including Alberta, matrimonial property is subject to equitable distribution, which means that assets are divided fairly but not necessarily equally between spouses. Factors such as the duration of the marriage, each spouse’s contributions to the marriage, and the financial needs of each party may influence the division of assets.

In contrast, some jurisdictions follow community property laws, where assets acquired during the marriage are considered community property and are typically divided equally between spouses upon divorce or separation.