Everything You Need to Know about Divorce in Alberta – Part 2
Continuing our discussion on some common questions on divorce, we now look at some of the financial implications of it. Divorce in Alberta is a costly thing to go through for both parties. It can cost a lot of time, money, and effort that will ultimately result in you and your partner going your separate ways. Here are more questions about divorce that should help you understand how it works and how it will affect your finances.
1. What Is a Contested Divorce?
A contested divorce means that you and your partner are disputing the terms of your divorce. This is the case when one of the parties disagrees on a certain term of the separation. This can include some legal matters such as spousal support, child custody, and child visitation.
This is especially common among couples who have a prenuptial agreement that contains conditions on how they will divide their assets and property. This is because prenuptial agreements are considered a contract, and if one of the parties did not agree to certain terms, they could then sue for damages.
2. What Happens during the Divorce Trial?
The trial has multiple parts to it. There’s a pre-trial where the parties are given time to negotiate and come to an agreement. This would include an informal mediation where both parties sit down separately and speak to a mediator. The mediator is basically an arbitrator who will listen to both parties and help them negotiate any issues between them.
If this fails, then the case will go on trial, where the parties will have to give their testimonies and be cross-examined. There is also a time for expert witnesses to be brought forth to help prove their case. This can include attorneys and experts in either finances or other fields. The trial can take up to a year to be resolved.
3. How Are Marital Assets Divided in Alberta?
In Alberta, there are three main ways to divide marital assets. They are:
One party is given everything, and the other party is left with nothing.
The parties agree to separate on their own. They can agree to divide their assets and property however they like, and everything would be settled before the divorce is finalized.
The Court decides how the parties will divide their assets, taking into account various factors such as:
- How long the marriage lasted
- Which party is the “primary wage earner”
- Which party caused the divorce
- Which party can provide financial support to the other party
- Whether any of the parties have a prenuptial agreement that may contradict their wishes
4. How Is Spousal Support Awarded in Alberta Divorce Cases?
Spousal support or alimony is payment from one spouse to another for the financial support of the former spouse. However, the type of support given depends on the conditions of the case. There are different kinds of spousal support, each with different conditions according to the needs of each party.
The alimony can be paid as a lump sum that is paid in a specific amount every month, or it can be paid as a regularly scheduled payment that lasts for an extended period of time. Spousal support can only be given if the party requesting it has proven a need for it.
The amount of spousal support that is awarded is subject to scrutiny. The Court takes into account the income of both parties, the financial requirements of both parties and the income that would be available to the party who is being requested for support.
In conclusion, divorce in Alberta is not something that you should take lightly. It can effectively change your life forever and will have a tremendous impact on your finances, your future, and the lives of your loved ones. If you’re currently going through a divorce, it is important that you get good legal counsel and all the support you need to guide you throughout this time. The more you know about it, the better you will be at making the right decisions.
Alberta Divorce Finances is here to empower anyone going through the difficult process of divorce. Whether you need divorce financial advice or mediation services, our team is here to help you through this difficult time. Give us a call today for a free 30-minute consultation.