In a typical Separation Agreement in British Columbia, financial accounts, such as personal bank accounts, are handled in a way that ensures fairness while allowing each party to retain control over their individual accounts. Here's how these accounts are typically addressed:

The balance of each financial account is assessed as of the date of separation. This ensures an accurate snapshot of the financial situation at the time of separation.

Under BC's Family Law Act, funds accumulated in financial accounts during the relationship are considered family property. This includes savings accounts, chequing accounts, and investment accounts. It doesn't matter whose name is on the account – funds are shared property if earned during the relationship.

Funds accumulated before the relationship, as well as inheritances or gifts received during the relationship, may be excluded from division. To qualify as excluded property, these funds must be traceable to their original source.

Each party typically keeps their individual accounts, but the value of those accounts is included in the overall division of family property. If one spouse has significantly more funds in their accounts, the division of other assets, such as real estate or pensions, may be adjusted to create a fair balance.

Joint accounts are usually split equally unless the parties agree otherwise. The Separation Agreement will specify whether joint accounts will be divided, closed, or otherwise handled.

Spouse A has a savings account with $50,000. Spouse B has a savings account with $10,000. Each spouse retains their own account, but the $40,000 difference is accounted for in the overall property equalization process. Other assets, such as the family home or pensions, may be adjusted to ensure both parties receive a fair share of total assets.

Including specific terms about financial accounts in the separation agreement ensures a smooth division of property. Each party maintains control over their individual accounts, and the overall distribution of family property remains equitable. Clear and detailed agreements help avoid disputes and ensure that all financial accounts are handled fairly during the separation process.