How Calgary Divorce Lawyers Can Support You Through Division of Family Property
The process of separating after a breakdown of the marriage can be extremely difficult to navigate as there are many issues that need to be resolved prior to obtaining a Certificate of Divorce, such as dividing assets and debts, creating parenting arrangements, and, of course, all of the emotional work that needs to be done.
Our Calgary lawyers at Jones Divorce & Family Law practice exclusively in family law and are prepared to help you through this difficult time. This article will explain your legal options, empowering you to make informed decisions that protect your family’s well-being during this challenging transition.
Dividing Debts and Assets During Divorce
One of the first steps in your divorce proceedings will be gathering and exchanging financial disclosure in Calgary. Your divorce lawyer will provide you with a listing of all the financial documents you will need to produce. This list will include, but is not limited to, the following:
- Three most recent years of income tax returns;
- Your three most recent pay stubs;
Documentation with respect to any income you receive not from an employer; - 6 months of bank account statements;
- 6 months of credit card statements;
- Any investment accounts;
- Any retirement accounts;
- A monthly budget; and,
- A sworn statement outlining all of your assets and debts.
The disclosure you provide will be given to the other party for their review. In Alberta, there are potentially major consequences for not producing your financial disclosure in a timely manner, such as paying costs to the court or other party until you provide all of your financial documents.
Issuing Settlement Offers
There are a number of dispute resolution processes to assist parties with resolving their matters outside of Court. One of the simplest and most cost-effective of these processes, is to negotiate a resolution in writing by exchanging settlement offers. Once your lawyer has reviewed both parties’ disclosures, they will be in a position to provide you with an overview of the assets and debts by providing you with a property chart. This chart can be very detailed down to who will be retaining which debts and assets and provide a balance for any settlement payments that may need to be made.
Your lawyer can then issue a settlement offer for the other party to consider. There may be some back-and-forth negotiations at this time – this is very normal, so do not get discouraged.
Once the parties agree on the property chart. This information can be put into a Settlement Agreement, a legally binding document outlining the terms of your separation, including parenting issues and division of family property.
High Net Worth Divorce Considerations
In High Net Worth divorces, issuing settlement offers becomes more complex due to the division of substantial and diverse assets such as business interests, investment portfolios, real estate, and international holdings. A detailed property chart is essential to outline asset valuations and liabilities clearly.
Our divorce lawyers in Calgary can provide strategic guidance to navigate these complexities, ensuring fair asset division while protecting your financial interests. Careful negotiation and comprehensive settlement agreements are key to achieving balanced resolutions in these financially intricate cases.
The Benefits of Hiring a Calgary-Based Divorce Lawyer
When possible, it is always a good idea to choose a lawyer in relatively close proximity to the jurisdiction where your matter is being heard. For example, if you file or are served with a Statement of Claim for Divorce in Calgary, you will likely want to retain a Calgary-based divorce lawyer.
This is because your lawyer may need to attend the courthouse at some point during your proceedings, and you do not want to have to pay a lawyer’s hourly rate for commuting from another city. Also, Calgary divorce lawyers have connections in the city and can help refer you to other professionals such as real estate agents, psychologists, or counsel for children.
If you are going through a separation and need help navigating these difficult waters, connect with our team at Jones Divorce & Family Law to request a consultation.
Disclaimer: The content provided in the blog posts of Jones Divorce & Family Law is general information and should not be considered legal advice. Please contact a lawyer for legal advice tailored to your specific situation. All articles are current as of their original publication date.
