The Definition of Matrimonial Property

Marriage usually means a couple shares property in common: marital property.

When people marry, they usually combine their belongings by bringing them together into one home. They also purchase new things throughout the course of their marriage. The Matrimonial Property Act is a Canadian law designed to equally distribute belongings when a marriage ends.

Definition

Matrimonial property is all assets "acquired by either or bother spouses before or during their marriage," according to the Matrimonial Property Act. This includes the home and "all other real and personal property."

Exclusions

According to the Matrimonial Property Act, gifts, inheritances, court settlements, business assets and insurance claims that are intended for one spouse are not matrimonial property. If a premarital contract or separation agreement is in place, the property listed in those contracts are not matrimonial property. Anything acquired after a separation is not matrimonial property unless you "resume cohabitation" with your spouse.

Other Circumstances

A person is entitled to a reasonable portion of his spouse's business assets if he worked for or invested in the business. If the property is immovable, it is governed by the province where that property is situated. Also, "The court may disregard any provision of a marriage contract or separation agreement affecting a child where, in the opinion of the court, it is in the best interests of the child to do so," according to the Matrimonial Property Act.

References

• Government of Nova Scotia: Matrimonial Property Act 275
• Merriam Webster Online Dictionary: Marriage