How Do I Value Property for a Separation in Alberta?
This answer covers the law of Alberta.
For most separations, property is valued at the date of the trial, unless a written agreement that meets section 38 of the Family Property Act sets a different valuation date. That is the date that matters for your home, vehicles, bank accounts and other assets.
The Act does not set a method for valuing each home, vehicle or account, so how you support a number depends on the asset. An appraisal or recent statements are common ways to show value, and a lawyer or accountant can tell you when a professional valuation is worth the cost. Pension plan benefits must still be valued by the Court even if they cannot be paid out.
Exempt property is treated differently. Its exempt value is fixed at the later of the marriage date (or the date the interdependent relationship began) and the date the property was acquired. Growth above that value is not exempt and is shared on a just and equitable basis. Each party must also swear a statement disclosing all their property.
Key takeaways
- Unless a written agreement that meets section 38 says otherwise, property to be distributed is valued at the date of the trial.
- Gifts from third parties and inheritances are exempt at their market value on a date fixed by the Act, which is the later of the marriage (or relationship start) and the date the property was acquired.
- Growth in the value of exempt property is not exempt, and the Court shares it on a just and equitable basis rather than automatically equally.
- Each party must file a sworn statement disclosing all their property wherever located, including property disposed of within one year before the application.