PROPERTY AND PENSIONS
The Family Law Act sets out that:
- with regards to dividing property there is no difference between married couples and common-law couples
- each spouse has a half interest in all family property; and
- each spouse is equally responsible for family debt.
- to assist in determining what actually is family property and family debt; and
- helping you determine how best
The Family Law Act gives a formula for pension division which is to be followed unless the parties agree otherwise. The basic idea is that both spouses should receive half of any interest in a pension during their relationship.
Unless spouses agree otherwise CPP credits earned during a relationship are to be equalized between the parties, that is, if you earned 10 credits during your relationship and your spouse earned 20 credits during the same time you should each get 15 credits.
The forms you need to fill in to apply for an equalization of credits are fairly straightforward, but keep in mind there are time limits for making an application.