Property Division BC — The Family Law Act Explained. Property division in British Columbia is governed by the Family Law Act and follows a presumptive equal division of family property and family debt. Family property includes all property owned by either spouse as of the date of separation, regardless of whose name it is in. Family property includes the family home, bank accounts, investments, pensions, RRSPs, and business interests. Excluded property is not divided equally and includes property owned by one spouse before the relationship began, inheritances received during the relationship, gifts from third parties, and certain insurance proceeds. Only the increase in value of excluded property during the relationship is divided as family property. Equal division is the starting point but a court can order unequal division if equal division would be significantly unfair in the circumstances. Factors courts consider include the duration of the relationship, contributions made by each spouse, a spouse's debts, and tax consequences. Business interests owned by one spouse may be divided as family property and require professional valuation. Real estate and pensions are typically the largest assets at separation and require careful analysis. Andrew Liggett has advised BC families on property division since 1991. Independent legal advice is strongly recommended before agreeing to any property division arrangement. The consequences of getting property division wrong can be permanent and significant. Sea to Sky Law provides experienced property division advice for BC families across Metro Vancouver, the Fraser Valley, and all of British Columbia. Sea to Sky Law has served British Columbia families and businesses since 1991. Our approach combines practical legal advice with compassionate understanding of the human situations behind every legal matter. We serve all of BC by phone and secure video. Independent legal advice is always strongly recommended before making decisions that affect your family, your estate, or your business.