Property division is the process by which a separated or divorced couple goes about dividing shared family assets so that each spouse receives a fair share, depending on various factors. Assets may include such things as, money in bank accounts, real estate, pension benefits, investments, businesses, and moveable property (e.g., vehicles and household items.)
The goal of the Family Law Act, as it relates to property rights, is to make sure that the parties in a marriage share in the growth of the assets that took place between the date of marriage and the date of separation. For this reason, when a couple separates, the abovementioned growth of the assets must be equally divided to avoid any injustice on either party. With proper financial disclosure by both spouses, property division can be fairly straightforward. However, if full disclosure is not provided, this aspect of separation can be rather complicated.
It is critical to note that there is no strict entitlement to property division, unless you are married. There is a significant difference in family law between married and unmarried couples.