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Divorce can be tricky. In Canada, especially Edmonton, dividing what you own is complicated. We at Kolinsky Law are here to make it easier. This guide will explain how assets are split in clear, straightforward terms when a marriage ends.

How Assets Are Divided

In Edmonton, the law wants to divide things fairly. This doesn’t always mean splitting everything in half. Instead, it aims for a fair outcome. When we talk about “assets,” we mean everything you might own, like houses, cars, or savings, that got picked up during the marriage.

  • Equitable Division: The goal is fairness, not necessarily an equal 50/50 split. This means looking at what each person contributed and what each person will need moving forward.
  • Marital Assets: These include anything bought, saved, or invested during the marriage. This can be:
    • Homes and real estate
    • Cars and other vehicles
    • Bank accounts and cash savings
    • Investments, stocks, and bonds
    • Retirement accounts and pensions
  • Separate Assets: Items not subject to division include:
    • Property owned before marriage
    • Gifts or inheritances received by one spouse only
    • Personal injury awards
  • Valuation of Assets: Determining the fair market value of all assets to be divided. This might involve:
    • Professional appraisals for real estate and personal property
    • Financial assessments for bank accounts and investments
    • Actuarial evaluations for pensions and retirement accounts
  • Debts: Just like assets, debts acquired during the marriage need to be divided. This includes:
    • Mortgages
    • Car loans
    • Credit card debts
    • Lines of credit
  • Special Considerations: Some assets require extra attention, such as:
    • Family businesses: Determining value and how to divide it can be complex.
    • Foreign property: Laws of other countries may affect how these are handled.
    • Unique assets: Art, antiques, and collectibles may need special appraisal.
  • Legal Agreements: If there’s a prenuptial agreement or a postnuptial agreement, it can influence how assets are divided.
  • Negotiation and Settlement: Couples can agree on asset division through negotiation, mediation, or collaborative law. This often results in a more tailored and agreeable outcome for both parties.
  • Court Intervention: If an agreement can’t be reached, a court will decide based on factors like the length of the marriage, each spouse’s financial situation, contributions to the marriage, and future needs.

Why You Need a Divorce Attorney

This is where a good Divorce Attorney in Edmonton comes in. At Kolinsky Law, we know the ins and outs of family law. Considering your unique situation, We fight to ensure you get a fair share. It’s our job to protect what’s important to you.

Fair Division Strategies

Getting to a fair split means looking closely at everything you own together. It might include getting valuables appraised or looking at bank statements. Our team is skilled at figuring out these details, aiming for a division that’s fair to you.

Overcoming Challenges

Disagreements are common, whether it’s over how much something is worth or what counts as marital property. We’re prepared to tackle these disputes, aiming for solutions that avoid long, costly court battles whenever possible.

Why Kolinsky Law?

Choosing Kolinsky Law means getting a team that’s more than just lawyers. We’re advisors and supporters through one of life’s toughest moments. Known for our expertise in Edmonton, we bring professionalism and a personalized touch to your case, focusing on both the financial and emotional sides of divorce.

The Bottom Line

Divorce involves untangling your life and assets from someone else’s. It’s key to have clear, expert advice. At Kolinsky Law, we simplify the complex, ensuring you understand your rights and options. For anyone going through a Divorce in Edmonton and worried about protecting their assets, we’re here to help.

With us, you’re taking a step towards a secure financial future post-divorce. Reach out to see how we can assist you through this significant life event.