What Is Considered Family Property?
In British Columbia, family property refers to assets and debts accumulated by either spouse during the relationship, regardless of who owns the property or incurred the debt. This property is subject to equal division between the spouses upon separation, unless an exception applies.
The key principle is that property acquired after the relationship began and before the separation date is considered family property, regardless of whose name is on the title or account.
Absolutely! Here's a clear, helpful knowledge base article that explains why listing all assets and debts in a separation agreement is essential — and the risks of leaving things out.
Why You Should List All Assets and Debts in Your Separation Agreement
When you’re working through a separation, it can be tempting to “keep it simple” by only listing the major assets or assuming some things will sort themselves out later.
But here’s the truth: leaving assets or debts out of your separation agreement can create serious legal, financial, and emotional problems later on.
Our platform is designed to make listing everything easy — and this article explains why it’s so important to take the time to get it right.
What Does “Listing All Assets and Debts” Mean?
It means fully disclosing everything you own and owe as of the separation date, including:
Assets:
Homes and real estate
Bank accounts
Vehicles
Pensions and retirement savings
Investments and stocks
Business or Corporate interests
Personal property (furniture, art, jewelry, etc.)
Debts:
Mortgages
Lines of credit
Credit cards
Personal or business loans
Student debt
Why It Matters
1. Full Disclosure Is Required by Law
In many jurisdictions, separation agreements can be challenged or set aside if one spouse failed to fully disclose their financial situation. Even if the omission was unintentional, a court may find the agreement invalid.
✅ Full disclosure = legally sound, enforceable agreement
❌ Hiding or forgetting assets = risk of future legal action
2. Protects Both Parties From Future Disputes
When everything is clearly listed, there’s no confusion or ambiguity later on. It creates a shared understanding of:
Who keeps what
Who takes on which debts
Whether anyone owes an equalization payment
Omitting even a small item now can lead to major disagreements later — especially if that item suddenly increases in value.
3. Supports a Fair Division of Property
Your agreement should reflect the full financial picture. Leaving things out (on purpose or by accident) can lead to an unfair outcome, which may be challenged later by the other party or a court.
A complete list means that each of your have peace of mind that everything was considered and agreed to and you can rely on the Agreement moving forward.
4. Helps with Taxes, Refinancing & Legal Finalization
Many institutions (banks, pension plans, real estate lawyers) require a complete list of assets and debts when you finalize your separation. Having everything already documented in your agreement speeds up the process (and saves you from backtracking).
What Happens If You Leave Things Out?
If an asset or debt is left out, whether by mistake or intentionally, you risk:
The agreement being reopened or overturned in court
Delays in divorce finalization or property transfers
Financial penalties or legal costs
Ongoing tension or mistrust between you and your ex
Even if things are friendly now, an incomplete agreement can cause stress down the road, especially if someone feels they were misled or shortchanged.
How Divii Helps
We’ve built tools to guide you through full disclosure step by step:
Prompts to list all common assets and debts
Allocate who is keeping what items and which items you may choose to sell or co-own
Automatic equalization payment calculations
Easy-to-edit entries with real-time updates
Automatic reflection of all decisions directly in the Separation Agreement with appropriate legal clauses outlining your decisions
You’ll end up with a comprehensive, legally-ready Separation Agreement and property schedule and the confidence that nothing was missed.