Module 10 (2)

Question 1

Who has power over making laws about property?

Answer 1

Provinces

Question 2

According to the “old” Alberta rules about the division of property, how were properties divided for AIPs and Marriages

Answer 2

Marriage: Divided according to legislation (Matrimonial Property act)

AIP: Divided according to common-law judge made rules)

Question 3

In 2020, what act replaced the Matrimonial Act?

Answer 3

the Family Property Act

Question 4

Section 7 of the Family Property Act is about three categories of property, what are they?

Answer 4

1) Exempt Property
2) Distributable Property
3) Divisible Property

Question 5

What is Exempt property?

Answer 5

Property that is not divided (you dont have to share it)
- Gifts
- Inheritance
- Property aquired before the Relationship of interdependance

Question 6

A catch of exempt property is that the market value of a certain exempt property before the relationship is what is exempt, explain this with an example

Answer 6

Ex. if you had a bracelet before your relationship and it was worth $500, but a necklace you traded it in for was actualy worth $5000, you dont have the exemption of that $4500 which is what you would have to distribute

Question 7

What is Distributable property?

Answer 7

Property you must split in a just and equitable manner. No specific rule applies to how it should be split up

Question 8

What types of property would be considered Distributable Property?

Answer 8

1) Property aquired after seperation (but before divorce)
2) Property purchased from income from exempt property
3) Increase in value in exempt property (like the bracelet)

Question 9

How do you know how to deperate Distributable property and what is fair?

Answer 9

Section 8 of the Family property Act provides a long list of facotrs
ex. contribution to the family is an important factor

Question 10

What is Divisible Property?

Answer 10

Property that is split 50/50, includes everything other than exempt and distributable property

Question 11

When distributing properties, its ideal that both people have same amount of money from the value of the properties they split. What would happen in this case?

Answer 11

The person with more money would have to pay an “Equalization Payment” to the other to make it equal and fair