Family Patrimony
The law instituting the family patrimony came into effect on July 1st 1989. Its main goal was to create equality between spouses in case of a separation, divorce or death of one of the spouses. The Civil Code of Quebec states 5 elements as being part of the family patrimony namely :
- the family residence(s);
- the movable property with which they are furnished and decorated;
- the vehicules used for the displacement of the family;
- any benefits accrued by each spouse during the mariage or civil union under a retirement plan;
- the earnings of each spouse registered during the marriage or civil nion pursuant to the Act respecting the Quebec Pension Plan or similar programs.
In the case of death of one of the spouses, divorce of separation, the family patrimony required to the equal division of the value of the goods contained in the family patrimony.
When buying a home, your notary will always ask you for your matrimonial status in order to be able to explain to you the possible consequences of the family patrimony upon your specific situation. Together, you will be able to determine the best way to achieve your goals and to protect yourself as well as your spouse.