Navigating through divorce proceedings can be nerve-racking for all those involved, especially when dividing the assets and debts accumulated by the parties over the years!
It is during this very specific portion of the proceedings that heated arguments often occur between the parties, adding additional pressure on either side to officialize the separation.
No matter how the parties want to divide their assets and debts, there are some rules which must be followed during the separation based on which assets and debts are being separated.
We reached out to Me Gabrielle Azran, founder of Azran Avocats-Lawyers to learn more about how assets and debts are separated during a divorce. Here is the knowledge she had to share!
Separation of Assets:
There are two different types of assets: matrimonial assets and assets that remain the personal property of the parties. Marital property includes all property earned by either spouse, during the marriage, so long as it falls within the limitative list stated in article 415 of the Civil Code of Quebec. This marital property subsequently forms the family patrimony. The assets that remain the personal property of the parties include those acquired prior to the marriage, so long as they do not fall under article 415 of the Civil Code of Quebec or property acquired through donation or inheritance.
During the property division in divorce, the goods falling within the family property will typically be split evenly, amongst the parties. As the law aims to be fair, it suggests that both spouses have equal rights on the marital property and the property will be divided 50/50.
In terms of partitioning investment and retirement accounts, the division might be difficult and must be done with the help of an attorney as there are some risk factors like actual value, perceived value, increased value etc., affecting the accurate division.
Separation Of Debts:
Similarly, to the assets, debts incurred for the necessity of the family would also typically be divided equally.
As an example, the parties, during their marriage, decide to open a joint line of credit together. This joint line of credit is exclusively used for the expenses of the family. At the time of the parties’ separation, there is an outstanding amount of 10 000$ on the joint line of credit. The parties would then each be responsible for their share of the debt, amounting to 5000$ each.
It is important to note that despite this prescribed method of separating debts, there are times where a spouse could potentially not be held liable for their share of a debt, such as debt incurred without their knowledge, a debt incurred without their consent or a debt incurred by the unilateral actions of their spouse, such as gambling.
As previously mentioned, family law in Quebec aims to assure equal rights and obligations to each spouse in the context of their divorce. Considering the challenges associated with the division of assets and debts during a divorce proceeding, Me Azran places emphasis on the importance of being properly represented during that period. Support of a competent attorney is the best way for a party to ensure the protection of their rights.
Compelling Reasons To Choose Azran Avocats-Lawyers
Me Gabrielle Azran is a highly renowned attorney and the founding partner of Azran Avocats-Lawyers, a well-known law firm. Ever since graduating from Laval University, in Quebec, in 1989, she has been successfully practicing litigation, concentrating particularly on civil litigation, construction, and family law. Since founding Azran Avocats-Lawyers, Me Azran and her team of dedicated attorneys have been serving clients all across the Quebec landscape.
The firm Azran Avocats-Lawyers consists of dozens of lawyers, specializing in a range of litigation including family law, construction law, civil law, co-ownership law and so on. Azran Avocats-Lawyers’ various areas of expertise allow their clients to receive the individualized and comprehensive representation they are entitled to. Experts in interpersonal relations, the Azran Avocats-Lawyers’ team of attorneys not only offers legal support to their clients, but also emotional support, as they recognize how difficult navigating the judicial system can be.
Me Azran prides herself on the fact that the clients’ absolute satisfaction is the utmost priority for herself and her team. Due to their unwavering service, Azran Avocats-Lawyers takes pride in witnessing the expanding customer base and thanks its clients for their trust.
Recently Azran and her firm have been honored with the prestigious ThreeBestRated® award for the year 2023 as a top law firm. This is not the first time that Azran Avocats-Lawyers are awarded such recognition; they have been topping the list for four subsequent years.
To get to know more about them, take a look at their website: https://azran.ca/en/team/me-gabrielle-azran/
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