Whether you have three cars, a minivan, or a motorcycle, your divorce affects your vehicles alongside your other assets. Here are some facts and considerations to take into account when discussing how to divide your vehicles.
How is property divided during a divorce in Canada?
Marriage is an equal partnership in the eyes of the law. This means that, as the Financial Consumer Agency of Canada explains, “the value of any assets acquired during a marriage and the increase in value of property you brought into the marriage (with some exceptions) are divided equally, unless you and your spouse agree to a different split or the court divides it differently.
The spouse with the larger share of family property may owe the other spouse an equalization payment.” But what does this mean for your car?
Who gets (or who should get) the car?
Vehicles purchased over the course of your marriage do factor into the divorce settlement. This doesn’t mean, however, that ownership of your car is suddenly split 50/50. The value of your assets is what matters; who gets individual items depends largely on who actually owns them.
Of course, you may have a joint-owned vehicle. What happens then is largely dependent on circumstances and whether you decide things between you amicably based on your needs or if the court has to intercede.
Of course, legal rights are not the only important considerations when dividing property. If one of you really needs the family vehicle, it might make sense for that person to keep the car and for the other person to get something else.
If neither person can do without your jointly owned vehicle, agreeing to sell your current vehicle so you can both look for different options might also be a possibility.
Deciding how to fairly divide property can be difficult, and the fate of items that affect important aspects of your day-to-day lives can be hard to resolve. Assistance from a legal professional can make the process less complicated and reduce your stress at a time that is already emotionally challenging enough.
If you live in Ontario, Galbraith Family Law may be able to help. We’re experienced and compassionate legal professionals. Our team is here for you, to advocate on your behalf while keeping practical matters in mind. Contact us for more information on how we can make the divorce process smoother.
A family lawyer can help with property division
A reliable family lawyer can be an invaluable resource during this trying time in your life. Galbraith Family Law has helped countless people like you throughout the property division process, and helped them start the next phase of their life the right way.
We’re a certified Collaborative Practice, and have been named the top firm in Barrie multiple times. Our legal insights have also been featured in the Globe and Mail, as well as Lawyers Weekly.
To speak to a member of our staff, click here.