Overview of Property Division
Divii is designed to make listing everything easy, and this article explains why it’s so important to take the time to get it right.
In British Columbia, the division of property upon separation is governed by the Family Law Act, which applies to both married couples and common-law partners who have lived together in a marriage-like relationship for at least two years.
Equal division of family property and debt
Under the Family Law Act in British Columbia, family property and family debt are generally divided equally between spouses upon separation, regardless of ownership or who incurred the debt.
What is considered family property?
Family property includes real estate (e.g., the family home), bank accounts, investments, pensions (like Canada Pension Plan), businesses, vehicles, and personal property (such as furniture, art, and jewelry). Additionally, property acquired after separation but derived from family property may also be included.
What does it mean to list all assets and debt?
It means fully disclosing everything you own and owe as of the separation date, including:
Assets | Debts |
Homes and real estate | Mortgages |
Bank accounts | Lines of credit |
Vehicles | credit cards |
Pensions and retirement savings | Personal or business loans |
Investments and stocks | Student debt |
Business or corporate interests |
|
Personal Property (furniture, art, jewelry, etc.) |
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Why it matters
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.
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, and
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.
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 you have peace of mind that everything was considered and agreed to, and you can rely on the agreement moving forward.
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.
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Important disclaimer
Content and videos in The Divii Knowledge Centre provide general information about separation and divorce and is not and should not be considered legal advice. For guidance specific to your situation, it's important to consult with a qualified family lawyer in your area. It's always highly recommended to seek independent legal advice during your separation.