The following case is valuable as an example of how the court of British Columbia currently treats family debt.
We are reminded that interest accrued on debt during the marriage will still be considered family property and thus equally shared by both spouses – even if the accrual was clearly caused by imprudent financial behaviour of only one party. This is the case even if the existence of the debt was not known to the other party.
If you are concerned that the improper financial decisions that are being made by your spouse will become associated with family property, you are correct to take steps now. Please call us for advice to prevent potential effects this will have on your financial health.