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How to Keep Assets in a Divorce?

Divorce can be a complex and emotionally taxing process, especially when it comes to dividing assets. In Calgary, where the dynamics of asset allocation can be influenced by various factors, including business ownerships and international investments, having expert legal guidance is crucial. Shim Law offers strategic advice to ensure that your assets are protected during divorce proceedings. This article explores essential strategies and legal insights on how to keep your assets in a divorce, specifically tailored to the legal landscape of Calgary, Alberta.

How to Keep Assets in a Divorce?

Understanding Alberta’s Legal Framework for Divorce

Divorce in Alberta is governed by both federal and provincial laws, with the Family Property Act playing a central role in how assets are divided. Understanding these laws is crucial as they dictate the division of both family and non-family assets upon dissolution of marriage. The Act aims to distribute family assets equitably, but not necessarily equally, allowing for considerations that might affect the division such as the length of the marriage, each spouse’s contribution to the marriage, and future financial needs.

Types of Assets Considered in a Divorce

In a divorce, the primary consideration is the division of ‘family assets‘ which includes property acquired during the marriage, as well as the increase in value of property owned by one spouse before the marriage. Non-family assets, such as gifts, inheritances received during the marriage, and assets acquired post-separation, are generally excluded, although they can impact the division if they significantly affect the financial circumstances of the spouses. High net worth individuals often face unique challenges due to the complexity and value of the assets involved, making professional assessment and valuation essential.

Strategies to Protect Assets Before and During Marriage

To mitigate the risks associated with asset division in divorce, engaging in preemptive measures is advisable. Prenuptial agreements are a key strategy, providing a clear contract regarding the division and ownership of assets should the marriage dissolve. Shim Law advises on crafting comprehensive agreements that cover all foreseeable issues, ensuring they are legally binding and reflective of both parties’ interests. Additionally, maintaining clear records of asset ownership and changes in asset values, and considering joint ownership structures, can also protect interests and simplify the divorce process.

Navigating Divorce Proceedings

When navigating the divorce proceedings, strategic legal representation is indispensable. Shim Law emphasizes the importance of negotiation and mediation as tools for asset division, aiming to achieve a resolution that minimizes conflict and promotes mutual benefits. Effective negotiation tactics include understanding the full scope of your financial situation, being prepared to compromise, and focusing on long-term financial stability rather than short-term gains. Legal representation is crucial in ensuring that your rights are protected and that the agreements reached are enforceable.

Contact Shim Law Today

Divorce proceedings can be daunting, especially when significant assets are at stake. Understanding Alberta’s legal framework, being prepared with strategic asset protection measures, and having expert legal representation are key to navigating this challenging process. 

Shim Law in Calgary offers the expertise and experience necessary to guide you through preserving your financial interests in a divorce, ensuring that you are well-positioned for the future. This guide has outlined essential strategies and legal insights, reinforcing the importance of professional legal advice in safeguarding your assets.  Please contact Shim Law today at 403-476-2011 or book a consultation online to learn more. 

About Shim Law

Shim Law is a multicultural law firm that provides legal services to clients in Calgary and around the world. With lawyers fluent in up to 20 languages, we can provide accurate legal representation regardless of language barriers. Our practice areas include family law, real estate law, and more.

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