The Alberta Matrimonial Property Act is what is referred to when it comes to the division of assets between a recently divorced couple. Ideally, both husband and wife should receive an equal amount of assets once the divorce is consummated.
The process is quite simple in theory – there are three given figures, being the net worth of both individuals before the marriage or before living together and the net worth of both two combined at the time of the divorce. Second step would be to subtract the former figure (for both husband and wife individually) from the latter to get each person’s net worth. The last step would involve making this figure congruent between husband and wife. This would not include all assets, though, as some would be excluded from the computation. And these would include, but not be limited to assets owned prior to the commencement of the relationship, any monies received as compensation for a lawsuit and any monies received from an estate. Depending on the couple’s background, the calculation itself may vary in terms of intricacy. Every couple has the option to come up with an agreement between both parties instead of taking the matter to Court. But if the Court considers a certain agreement to be “unconscionable”, they will not honor the agreement.
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Transparency and honesty is important if a couple wishes to agree on these matters and come up with a fair calculation without a lawyer’s assistance. Lawyers, on the other hand, would be necessary in the event either party tries to leverage an unfair advantage for their side. Our staff members will be glad to come up with estimated numbers, and it is your right and that of your spouse’s to accept them or not. You can have an uncontested Alberta divorce providing you and your spouse accept these calculations. But if either party disputes the figures we come up with, we can refer you to a legal professional for further assistance. The lawyers we refer are highly recommended and more than capable of assisting in even the toughest situation.